Overstock.com to rename website Bed Bath & Beyond

Overstock.com They all run failed retailer Bed Bath & Beyond.

Overstock announced Wednesday that the e-commerce home goods retailer will not move under its eponymous online name and will instead move to the Bed Bath & Beyond domain name in the coming weeks after acquiring a bankrupt competitor’s intellectual property.

It will relaunch Bed Bath & Beyond in Canada over the next week, followed by launching a website, mobile app and loyalty program in the US “weeks later”.

Overstock announced the moves as it completed its $21.5 million acquisition of Bed Bath’s intellectual property and digital assets. The company hopes the brand name will help lift sagging sales.

“Bed Bath & Beyond is a popular consumer brand well-known in the home retail market,” Overstock CEO Jonathan Johnson said in a statement. “The combination of a winning asset-light business model with high brand awareness and loyalty for Bed Bath & Beyond will improve the customer experience and position the company for exponential growth of market share.”

Despite declining sales, Overstock stock is up nearly 32% this year. Shares of Overstock jumped nearly 5% in extended trading Wednesday and also showed up when it was first revealed that it had successfully won the auction for Bed Bath’s assets.

In first-quarter results in April, Overstock reported $381 million in revenue, down 29% from the same period last year. The e-commerce retailer posted a net loss of $10 million. However, the retailer’s results came in ahead of some estimates, according to Street Account.

Overstock will not acquire any brick-and-mortar Bed Bath stores as part of the deal. The failed home goods retailer has hosted a series of auctions of its myriad assets, including store rents and assets from its Buy Buy Buy Baby banner.

A number of bidders have expressed interest in the Buy Buy Buy Baby stores but it remains unclear if any will be purchased and kept open.