Bed Bath & Beyond finally declares bankruptcy after closing hundreds of stores nationwide
Legendary homewares brand Bed Bath & Beyond has filed for Chapter 11 bankruptcy.
The brand said it will close all 360 stores after selling all of its merchandise.
1
“Millions of customers have trusted us for the most important milestones in their lives – from college to marriage, settling into a new home and the birth of a baby,” said Sue Gove, President and Chief Operating Officer of Bed Bath & Beyond a statement.
“We deeply value our employees, customers, partners, and the communities we serve, and are committed to serving them throughout this process.”
The company announced that all parts of the brand – including the Bed Bath & Beyond website and 120 Buy Buy Baby stores – will be permanently closed.
The retail giant, famous for huge inventories of homewares in the 1990s and early 2000s, has closed dozens of locations over the past year.
At the company’s peak, the brand was famous for wedding registers, dorm decor, and kitchenware.
The final store closures will begin on Wednesday – the website will also be phased out this week.
The company laid off 1,295 employees in New Jersey earlier this month — just days before a state law that would force retailers to pay all employees severance pay went into effect.
FINALIZATION OF STORE OFFERS
The bankruptcy announcement will bring several changes to sales policies in stores.
The brand said it will no longer accept the famous “20 percent off” coupons after Wednesday.
Instead, the company said it will offer “heavy discounts” to outsource goods.
Items purchased with the 20 percent discount coupons can be returned until May 24th.
Anything bought after Wednesday is a clearance sale.
MORE BANKRUPTCY FINGERS
Bed Bath & Beyond’s upcoming closure comes months after several other retailers filed for bankruptcy.
Party outfitter Party City filed for Chapter 11 bankruptcy protection Jan. 17.
The brand will close ten stores in the coming weeks and auction twelve more.
Home furnishings retailer Tuesday Morning also filed for bankruptcy, saying the company had too many stores.
The company said it would close 264 of the brand’s 464 stores.
Here’s a full list of all the fashion retailers that are closing.
Also, another brand is closing a store – learn how to get offers.