Bed Bath & Beyond Inc. changes corporate name, relocates HQ
Bed Bath & Beyond Inc. has a new corporate name and is relocating to a new home base.
The company, which has been transforming itself into an "Everything Home Company" through a series of acquisitions, is changing its corporate name to Neighborhood Intelligence and will relocate its corporate headquarters from Murray, Utah, to Nashville, Tenn. In addition, it will begin trading on Nasdaq under the ticker NXH, with its last day on the NYSE on Aug. 14 and its first day on Nasdaq on Aug. 17.
In a letter to shareholders, executive chairman and CEO Marcus Lemonis said the changes reflect the company "we have become and continue to build."
“The new corporate identity also helps align the market’s perception of the business with its current reality: a diversified platform built around home ownership, home services, and omnichannel retail,” he said. “While Bed Bath & Beyond remains one of our most recognized consumer brands, the parent company’s new identity better reflects the breadth of capabilities that now exist across the enterprise.”
Lemonis added that the company’s current and planned operating brands — Bed Bath & Beyond, The Container Store, Kirkland’s, Lumber Liquidators, Cabinets To Go, Overstock, BuyBuy Baby, the home services businesses, and the home ownership businesses — will remain at the center of its customer relationships.
“They are the trusted experts our customers know,” he said. "Neighborhood Intelligence is the intelligence layer that connects them, and it does not replace the role of our consumer brands. It makes each of them smarter, more connected, and more valuable while preserving the unique identity and trust our customers already know. The intelligence layer strengthens the brands; it does not redefine them.”
The decision to relocate the company's headquarters to Nashville reflects the culture the company is building and the talent it intends to attract, Lemonis said.
"Nashville is already home to several of our largest businesses and provides an outstanding environment for entrepreneurship, technology, creativity, and collaboration," he explained.
