Bed Bath & Beyond is leaving the New York Stock Exchange for Nasdaq on 17 August, and renaming its parent company Neighborhood Intelligence
EDGAR carries three former names for this registrant.
Overstock com Inc, on file from April 2002. Overstock.com, Inc from February 2006. Beyond, Inc from September 2023. The name it uses now, Bed Bath & Beyond, Inc, has been on the record since August last year, and on 17 August it becomes Neighborhood Intelligence, Inc.
The change came in an 8-K filed at 4.07 on Tuesday afternoon, alongside second quarter results. The company gave the New York Stock Exchange written notice, on authorisation from its board, that it will voluntarily withdraw the principal listing of both its common stock and its warrants and transfer them to Nasdaq, where both have already been approved for listing. Trading in New York is expected to end at the close on 14 August. Nasdaq opens them on 17 August.
The common stock will trade as NXH. The warrants keep the old symbol, BBBY WS.
The reason, in the company's own words
The rationale is set out in a letter to shareholders from Marcus Lemonis, the executive chairman and chief executive, furnished with the filing. He writes that the parent company's identity should evolve to match what the business has become, a platform built around home ownership, home services and omni-channel retail, and that Bed Bath & Beyond remains one of its most recognised consumer brands. The store name is not being retired. It stays as an operating brand alongside The Container Store, Kirkland's, Lumber Liquidators, Cabinets To Go, Overstock and buybuy BABY. The same letter says the corporate headquarters moves to Nashville, Tennessee.
Lemonis also puts a number on the turn, describing two consecutive quarters of revenue growth after nineteen quarters running the other way. That is his characterisation, in a letter the filing furnishes rather than files, and the quarterly figures themselves sit in a separate exhibit.
What is actually being renamed
Only the parent. The 8-K changes a corporate name, a ticker and an exchange, and the letter adds a headquarters. Nothing in either document closes a store, sells a brand or alters a security, which is worth saying plainly because a name coming off a listed company is easy to read as a name coming off a shopfront.