Bed Bath and Beyond, the beloved home goods retailer, is making headlines as it files for Chapter 11 bankruptcy (CNN). After years of decline, the company announced that it will liquidate all inventory and go out of business (CNN). This comes as no surprise to those who have followed the company’s last-ditch efforts to raise cash and failing turnaround efforts (CNBC).
Loyal customers of Bed Bath and Beyond are now rushing to use all of their coupons as the retailer prepares to shutter its 360 stores and lay off staff (The New York Times). While many customers are scrambling to get their goods at a discount, others are devastated by the filing of bankruptcy (New York Post).
The store plans to “implement an orderly wind-down” of operations and has announced that the closing sales will begin soon (TODAY). The big blue signs of Bed Bath and Beyond will soon be stripped down, and aisles of linens will be cleared out as hundreds of stores close (CNN). However, these stores won’t be empty for long as the company considers asset sales (Yahoo Finance).
Those with a stash of 20% off coupons can use them for a limited time as the coupons will soon stop working (CNN). Despite the sadness and disappointment felt by many, the company’s bankruptcy was cited as a long time coming given the decline in the retailer’s business (The Washington Post).
As loyal customers say goodbye to Bed Bath and Beyond, they can take comfort in the fact that the retailer has been a staple in their homes for years, providing them with everything they need (CNN).
