Overstock, previously known as Bed Bath & Beyond, has named reality-television host Marcus Lemonis as its newest director. Lemonis, who is well-known as the host of CNBC's "The Profit" and the CEO of Camping World Holdings, has recently taken on the role of hosting HGTV's "The Renovator," a show focused on home improvement.
Bed Bath & Beyond CEO, Jonathan Johnson, expressed his intention to work closely with Lemonis as he takes on a more significant role on the board. The company's shares have experienced a decline of about 20% this year and have lost over half of their value since August when optimism among investors was high following the rebranding.
As an Overstock director, Lemonis made his first open-market purchases of the stock between October 4th and October 6th. He bought 107,000 shares at an average price of $16.40, totaling $1.7 million.
In a phone interview, Lemonis shared his excitement about joining the board and purchasing Overstock shares. He also highlighted the potential growth opportunities for Bed Bath & Beyond in the home furnishings market, considering the fragile state of consumers and their inclination to invest in upgrading their existing homes rather than purchasing new ones.
Inside Scoop is a regular feature that covers stock transactions by corporate executives, board members, large shareholders, politicians, and other prominent figures. As insiders, these individuals are required to disclose their stock trades with regulatory groups like the Securities and Exchange Commission.