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Bed Bath & Beyond (online retailer) facts for kids
Beyond, Inc. is an American online store based in Midvale, Utah. It used to be called Overstock.com, Inc. In 2023, the company bought the name of the well-known store Bed Bath & Beyond, which had gone out of business. Beyond, Inc. now sells many items for your home, like furniture, bedding, and other products, often at great prices.
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Formerly
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Overstock.com, Inc. (1999–2023) |
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| Predecessor |
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| Founder | Patrick M. Byrne |
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U.S.
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Key people
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| Revenue |  US$1.93 billion (2022) |
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Operating income
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US$27 million (2022) |
| −US$35 million (2022) |
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| Total assets | US$879 million (2022) |
| Total equity | US$646 million (2022) |
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Number of employees
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1,050 (2022) |
History
As Overstock.com
The company started on May 5, 1997, as D2:Discounts Direct. Robert Brazell founded it. In 1999, the company faced financial trouble. Patrick M. Byrne and Jason Lindsey then bought the company and changed its name to Overstock.com.
At first, Overstock.com mainly sold leftover or returned items online. They helped sell products from many internet companies that had gone out of business. They sold these items at very low prices.
In 2001, Overstock created a special section called Worldstock. This part of the website showed and sold items made by skilled artists from all over the world. By 2006, about 6,000 artists were selling their work through Worldstock.
In May 2002, Overstock offered its shares to the public for the first time. This is called an IPO. Each share cost $13.
Overstock.com also tried offering online auctions on its website in 2004. This service was called Overstock.com Marketplace. However, they stopped offering auctions in July 2011.
The company first relied on customers telling others about them. Later, they started using TV commercials to advertise. These ads featured different actors.
In 2009, Overstock made a profit of $7.7 million. In 2010, the company reached a big milestone, earning over a billion dollars in sales for the first time.
In 2011, Overstock's sales dropped by 5 percent. This happened after Google changed how it ranked websites. Overstock had encouraged college websites to link to its pages for student discounts. Google saw this as a problem, which affected Overstock's search results.
Around 2011, the company tried to change its name to "O.co" to make it easier for international business. However, they stopped this effort a few months later because customers found the new name confusing. The ".co" part was actually a country domain for Colombia.
During the same year, Overstock.com bought the rights to name the Oakland–Alameda County Coliseum. It was renamed Overstock.com Coliseum, and later O.co Coliseum. The name O.co Coliseum was changed back in 2016.
In 2013, Overstock talked about the need for more skilled workers. They said it was hard to find enough computer programmers and software developers. They believed that allowing more people to immigrate could help fill these jobs.
Patrick Byrne, the CEO, took a break in April 2016 due to health reasons. Mitch Edwards became the acting CEO. Byrne returned as CEO in July 2016.
On August 22, 2019, Patrick Byrne resigned as CEO. Shortly after, Jonathan E. Johnson became the new CEO.
As Beyond, Inc.
In June 2023, Overstock.com won a bid to buy the brand name and other assets of Bed Bath & Beyond for $21.5 million. On June 29, it was announced that Overstock.com would change its name to Bed Bath & Beyond. The name officially changed on August 1, just two days after the original Bed Bath & Beyond stores closed.
On October 24, 2023, the company announced it would change its name again to Beyond, Inc. This change happened on November 6, 2023. At the same time, the company moved its stock listing to the New York Stock Exchange. Jonathan Johnson resigned as CEO, and Dave Nielsen took over as interim CEO.
On March 28, 2024, Beyond, Inc. brought back the Overstock.com brand name. The plan is for Overstock.com to focus on bigger purchases and customers with higher incomes, while Bed Bath & Beyond will continue to offer a wide range of home goods. Beyond, Inc. also plans to bring back the Zulily brand in the spring of 2024.
Business Model
Beyond, Inc. buys some of its products directly or has them made especially for the company. They also sell handmade items from artists in developing countries. The company also helps other retailers manage their product supplies.
Bitcoin Payments
On January 9, 2014, Overstock.com became one of the first big retailers to accept bitcoin as a way to pay for goods. In the first 22 hours, they received over 800 orders paid with bitcoin.
While bitcoin payments were a small part of their total sales, Overstock.com continued to accept them. In mid-2014, the company reported that bitcoin sales were averaging about $300,000 per month.
See also
- E-commerce
- Online auction