Beyond Inc. wants the bed and bath back.
The company will change its corporate name to Bed Bath & Beyond and update its New York Stock Exchange ticker symbol to BBBY effective Aug. 29, per a Monday press release. The move means that Beyond is taking on the name of its Bed Bath & Beyond brand, which is part of a larger retail portfolio containing BuyBuy Baby and Overstock.
Beyond described the decision as an effort to “reclaim” the ticker symbol it previously traded under.
“Our name change is highlighting one of the most valuable pieces of intellectual property that investors and consumers know today and does not change our intense focus on growing revenue, achieving profitability in the near term, and monetizing valuable blockchain assets,” Executive Chairman and Principal Executive Officer Marcus Lemonis said in a statement.
The first new Bed Bath & Beyond Home location opened in Nashville in early August, months after the company inked a deal with Kirkland's (now known as The Brand House Collective) to reopen stores. The new store is accepting old versions of the iconic Bed Bath & Beyond coupons. Since opening, the store has seen “significant traffic and revenue,” per Monday’s press release.
More Kirkland’s locations will be converted into small- and medium-sized Bed Bath & Beyond and BuyBuy Baby stores over the next two years. Beyond continues to stress its asset-light approach to retail — all while it turns more attention to its blockchain assets under the helm of Lemonis.
The executive described the company as “a split personality business” during an earnings call in July, remarking that it aims to use capital further in the blockchain, bitcoin and the crypto space. Beyond is invested in blockchain-oriented companies such as tZero and GrainChain.
