Retail giant Bed Bath & Beyond announced on Sunday that it had filed for Chapter 11 bankruptcy (CNN). The move came after the company failed to adapt to the rise of online shopping (The New York Times). According to CNN, the store plans to liquidate all inventory and go out of business, leaving its loyal customers “devastated” (New York Post).
After months of warning that it may resort to bankruptcy, Bed Bath & Beyond will begin to lay off staff and shutter all of its 360 locations, including 120 Buy Buy Baby locations (The Washington Post). The company had made several last-ditch efforts to raise cash, but ultimately failed to keep the business alive (CNBC).
According to TODAY, the company will begin implementing an orderly wind down, and store closing sales began on Wednesday. As for shoppers with a stash of Bed Bath & Beyond’s famous big blue 20% off coupons, they can expect them to stop working soon (CNN).
Bed Bath & Beyond had been struggling financially for years, leading to a decline in sales and stock prices (The Motley Fool). The company had considered asset sales and Sixth Street bankruptcy loans before ultimately filing for bankruptcy (Yahoo Finance).
While some customers may be saddened by the news of Bed Bath & Beyond’s bankruptcy, others may not feel a strong emotional connection to the retail chain (CNN Opinion). Regardless of personal sentiment, it’s clear that the closure of such a large and well-known chain will have a significant impact on the retail industry.
