Bed Bath and Beyond, the popular home goods retailer during the 1990s and 2000s, has filed for Chapter 11 bankruptcy protection (CNN, URL1). The company, which failed to adapt to the rise of online shopping, has announced that it plans to liquidate all of its inventory and close all 360 Bed Bath & Beyond and 120 Buy Buy Baby locations (The Washington Post, URL2).
According to CNBC, the company’s bankruptcy comes after several unsuccessful efforts to raise cash and keep the company afloat, despite last-ditch efforts (URL3). As part of the bankruptcy proceedings, Bed Bath & Beyond has decided to begin an “orderly wind down,” and has announced that store closing sales will begin on Wednesday, July 29, 2020 (TODAY, URL4).
The company, which has been struggling for years now (The New York Times, URL5), has announced that it will be offering deals on bedding, vacuums, and more during its closing sale. Shoppers looking to take advantage of the closing deals should note, however, that their blue Bed Bath & Beyond coupons will not be valid anymore (CNN, URL6).
Sadly, the Tallahassee Democrat reports that the Bed Bath & Beyond located in Tallahassee will be closing as part of the bankruptcy filings (URL7). Liquidation sales at the Tallahassee location will also begin on July 29, 2020.
In an effort to keep the company alive, Bed Bath & Beyond has considered asset sales and Sixth Street bankruptcy loan, according to Yahoo Finance (URL8). However, it appears that these efforts have not been enough to save the once-popular retailer.
As the company liquidates its inventory and ceases operations, many loyal shoppers will be mourning the loss of a beloved shopping destination for home goods.
