American online furniture retailer Overstock has purchased the digital rights to Bed Bath & Beyond, with the goal of bringing the beleaguered store’s website back up and running in Canada.
The Salt Lake City, Utah-based retailer announced Wednesday it purchased Bed Bath & Beyond’s “website and domain names, trademarks, tradenames, patents, customer database, loyalty program data and other brand assets” for $21.5 million, with the goal of re-launching its website in Canada next week with the U.S. version to follow.
“This acquisition is a significant and transformative step for us,” Overstock CEO Jonathan Johnson said in a news release. “Bed Bath & Beyond is an iconic consumer brand, well-known in the home retail marketplace.”
Physical stores are not on the way back, however, as the deal does not include the brick-and-mortar locations or previous leases.
Bed Bath & Beyond began winding down its operations in Canada back in February after posting a $99.5 million net loss and documents showed its U.S. parent company could no longer support the losses.
Analysts have called its closure among the biggest failures in Canadian retail.