"Overstock has a great business model with a name that does not reflect its focus on home," he said in a statement. "Bed Bath & Beyond is a much-loved and well-known consumer brand, which had an outdated business model that needed modernizing." Overstock bought Bed Bath & Beyond in June for $21.5 million during a bankruptcy court-supervised auction. The purchase didn't include Bed Bath & Beyond's remaining brick-and-mortar stores, which closed earlier this summer. The revived Bed Bath & Beyond also said it has reinstated points that shoppers had earned under the company's former loyalty program and refreshed the store's mobile app. Bed Bath & Beyond failed amid a wave of retail bankruptcies in recent years as the economy slowed and Americans became less willing to spend.