Bed Bath & Beyond Inc. (NYSE: BBBY) announced it is rebranding as Neighborhood Intelligence and relocating its headquarters from Murray, Utah, to Nashville.
The company will cease trading on the New York Stock Exchange on Aug. 14 and resume trading on Nasdaq on Aug. 17 under the ticker “NXH.”
In a letter to shareholders, Executive Chairman and CEO Marcus Lemonis explained the new corporate name was more appropriate for its expanding focus on the homeownership experience.
“As the company evolved, it became increasingly clear that the future would never be defined by a single brand, a single product, or even a single business, but by how intelligently we connected everything we do,” he stated. “That realization fundamentally changed the way we thought about serving our customers, and rather than operating as independent businesses, we began organizing the company around three interconnected pillars: Omni-Channel Retail, Home Services, and Home Ownership. Retail helps customers create a home they love, Home Services helps them improve, maintain, and protect it, and Home Ownership brings together the financial, transactional, and advisory capabilities that support one of life’s most important investments.”
Lemonis added, “Neighborhood Intelligence is much more than our new corporate identity, because it encompasses the data we collect, the technology we build, the intelligence we apply, the workflows we redesign, the trusted brands we operate, the financial infrastructure we continue to expand, the blockchain and tokenization capabilities we believe will become increasingly important to the future of ownership, and, most importantly, the people who bring all of those capabilities together every day. Internally, it helps us eliminate unnecessary infrastructure, simplify workflows, improve decision-making, modernize operations, and operate more efficiently; externally, it connects products, services, financing, information, and expertise into a seamless experience that helps make homeownership simpler, more transparent, and more affordable. As we connect those capabilities, we will use customer and business data responsibly, subject to customer choice, applicable privacy and consumer-protection requirements, contractual and licensing restrictions, appropriate information-sharing boundaries, and rigorous security and data-governance controls.”
The rebranding announcement follows the company’s recent expansions across the real estate realm, including its $53 million acquisition of Fathom Holdings in June and its announcement from February to launch a tokenized real estate platform following its acquisition of Tokens.com.
Photo by Mike Mozart / Flickr Creative Commons
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