It’s official: Bed Bath & Beyond has announced that they have filed for bankruptcy, and will begin “winding down operations” in Bed Bath & Beyond and buybuy BABY stores until their eventual closing.
The retailer filed for Chapter 11 bankruptcy protection on April 23rd after failing to raise funds to keep the company afloat. There have been talks of potential bankruptcy since at least January, but the filing makes clear that the end for the store chain is near, and customers are urged to use any gift cards, merchandise credits and rewards by May 8th.
All Bed Bath & Beyond Stores To Close Imminently
The bankruptcy announcement comes not only on the Bed Bath & Beyond website, but in the media as well: CEO Sue Grove issued a statement reading, in part, "Millions of customers have trusted us through the most important milestones in their lives – from going to college to getting married, settling into a new home to having a baby. Our teams have worked with incredible purpose to support and strengthen our beloved banners, Bed Bath & Beyond and buybuy BABY."
Grove also thanked longtime customers and employees in the in the statement, adding, "We deeply appreciate our associates, customers, partners, and the communities we serve, and we remain steadfastly determined to serve them throughout this process. We will continue working diligently to maximize value for the benefit of all stakeholders."
The retailer's website further states, "Thank you to all of our loyal customers. We have made the difficult decision to begin winding down our operations. Bed Bath & Beyond and buybuyBABY stores remain open to serve you." An additional graphic notifies customers, "All stores closing—many new reductions...10-40% off lowest ticketed prices."
150 Bed Bath & Beyond stores across the country, totaling about half of the chain's locations, were closed in February, as well as all of the company's Harmon Face Value stores.
The company just filed for bankruptcy in the US.
by u/jAxk_34 in BedBathandBeyond
Shoppers Comment: 'This Is Not The News I Wanted To See Today'
Fans of Bed Bath & Beyond are already mourning the longtime home goods brand. "This is not the news I wanted to see today," lamented one Reddit commenter. "I’m not surprised, but I’m still shocked at the same time," shared another responder. " I wonder if it’ll stay online only, but even that doesn’t seem feasible. I’m honestly sad."
Another Redditor noted that employees received a notice that consumers can use their gift cards through May 15th only. The retailer's iconic oversized blue 20% off coupons, which first hit mailboxes 30 years ago, have already stopped being accepted at stores.
If you've registered for wedding gifts with Bed Bath & Beyond and are panicking, don't fear—your information will be transferred to another retailer, where similar items can be purchased. The company will be notifying customers about registry contingencies within the next couple of weeks.
Bed Bath & Beyond's closing sale is expected to last through May 24th.
