Overstock.com to rename website Bed Bath & Beyond

Overstock.com is going all out to buy failed retailer Bed Bath & Beyond.

Overstock announced Wednesday that the e-commerce home furnishings retailer will no longer use its namesake name online and will instead use the Bed Bath & Beyond domain in the coming weeks after acquiring the intellectual property of a bankrupt rival.

The company will relaunch the Bed Bath & Beyond website in Canada within the next week, with a website, mobile app and loyalty program launching in the U.S. “a few weeks later.”

Overstock announced the move after it completed its $21.5 million acquisition of Bed Bath’s intellectual property and digital assets. The company hopes the brand will help boost sluggish sales.

“Bed Bath & Beyond is an iconic consumer brand that is well known in the home furnishing retail market,” Overstock CEO Jonathan Johnson said in a statement. The combination of the high visibility and loyalty of the & Beyond brand will improve the customer experience and allow the company to accelerate market share growth.”

Overstock’s shares have soared nearly 32% this year despite falling sales. Overstock shares rose nearly 5% in after-hours trading on Wednesday and also rose when it first disclosed that it had won an auction for the Bed Bath assets.

In its first-quarter results in April, Overstock reported revenue of $381 million, down 29% from a year earlier. The e-commerce retailer posted a net loss of $10 million. Still, the retailer beat some expectations, according to Street Account data.

As part of the deal, Overstock will not acquire any brick-and-mortar Bed Bath stores. The failed home goods retailer has been holding a series of auctions for its myriad assets, including store leases and assets featured on the “Buy Baby” banner.

A number of bidders have expressed interest in Buy Buy Baby’s store, but it’s unclear whether they will buy it and keep it open.