Overstock.com is Grayson  Prestonrebranding as Bed Bath & Beyond after purchasing the big-box retailer's intellectual property assets at a bankruptcy auction last week. 

The e-commerce giant bid $21.5 million for Bed Bath & Beyond's website and domain names, trademarks, patents, customer database and loyalty program data, among other assets under the company's banner. Its marriage with the once-popular retailer will enable both companies to offer customers a wide selection of home furnishings, kitchen, bedding and bath-related products through a single online storefront, Overstock CEO Jonathan Johnson said. 

"The combination of our winning asset-light business model and the high awareness and loyalty of the Bed Bath & Beyond brand will improve the customer experience and position the company for accelerated market share growth," Johnson said in a statement. 

The company is also "considering whether and how to reinstate expired Welcome Rewards points," although it will not accept expired Bed Bath & Beyond coupons, Johnson told CBS MoneyWatch. Still, he promised good bargains on the revamped website.

"I expect customers will find better deals on our site than they would have found previously at Bed Bath & Beyond with a coupon," Johnson said.

Overstock will re-launch Bed Bath & Beyond's domains in both Canada and the U.S., with Bedbathandbeyond.ca going live within the next week, the company said. A "refreshed" version of the U.S. mobile app, loyalty program and website, bedbathandbeyond.com, will debut a few weeks later. 

Overstock did not purchase Bed Bath & Beyond's brick-and-mortar stores, which will close this summer as planned. 

A bankruptcy court approved Overstock's bid for Bed Bath & Beyond's assets at a hearing earlier this week. 

Bed Bath & Beyond filed for bankruptcy in April after struggling to adapt to a surge in online shopping. Before filing for bankruptcy, the company had experienced years of declining sales. 

In:
• Bankruptcy
• Bed Bath & Beyond
• Chapter 11 Bankruptcy