The company also reported Q1 results, which showed a raft of declines in key metrics.

Kirkland (KIRK) announced sweeping changes to its brand, stores, and leadership on Tuesday, along with first-quarter results that showed continued weakness in the business, sparking interest among retail investors.

Shares of the company were up 4.5% in extended trading.

Kirkland said it will change its corporate name to The Brand House Collective, Inc., pending a shareholder vote on July 24.

The change reflects the company's transformation into a "multi-brand merchandising, supply chain and retail operator."

The move follows Beyond's (BYON) $5 million acquisition of the home goods retailer's intellectual property (IP) last month. Beyond owns Overstock, Bed Bath & Beyond, and BuyBuy Baby brands.

Through the investment and potential debt-to-equity conversions, Beyond now controls approximately 40% of Kirkland's shares.

In a major overhaul, Kirkland is now becoming an operator of physical locations for Beyond's brands. It will rebrand Kirkland's Home stores to Bed Bath & Beyond Home, and open Overstock and BuyBuy Baby stores.

Kirkland's Home website will be co-branded with Bed Bath & Beyond Home.

Meanwhile, several board members are leaving, and new executives are brought into the corporate leadership team. Chief Operating Officer Jamie Schisler is elevated to CEO and chief merchant and creative officer at The Brand House Collective.

On the financial front, Kirkland's net sales declined by more than 11% in Q1, and the net loss widened by 34%.

On Stocktwits, the retail sentiment for Kirkland was 'bullish' as of late Tuesday, unchanged from the previous day. However, message volume surged 1,100%

KIRK sentiment and message volume as of June 18 | Source: Stocktwits

Its shares are down 33% year-to-date.

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