Major e-commerce site relaunches ahead of schedule after closing a year ago & CEO said shutter was a ‘fatal mistake’ [Video]

AN iconic online retailer is back in action after closing a year ago, months ahead of the previously announced September relaunch.

Beyond Inc., which owns Overstock.com, set the website live again on Tuesday.

Overstock purchased Bed Bath & Beyond’s (BB&B) intellectual property in June of last year for over $20 million.

The company planned to use it to relaunch as an online retailer and decided to shut down Overstock.com.

The website dumped its name and took on Bed Bath & Beyond, but this proved to be a bad move.

“Looking back, shutting down Overstock.com was a fatal mistake,” said Marcus Lemonis, executive chairman of the board, during an earnings call before the site went live.

“Turning Overstock.com back on will not only allow Bed Bath & Beyond to expand its existing assortment and hone in on its historical legacy success, but it allows Overstock to do the same.”

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