the staff of the Ridgewood blog
Paramus NJ, Bed Bath & Beyond filed for chapter 11 bankruptcy and is preparing to close its remaining stores, the company announced Sunday, after months of speculation the suffering chain would make the financial move.
In a statement, the company said it filed chapter 11 bankruptcy in New Jersey, and has begun a “limited sale and marketing process for some or all of its assets.” The brand expects to close all its 360 Bed Bath & Beyond and 120 buybuy BABY stores, though the company said it could “pivot away from any store closings” if it finds a buyer. Bed Bath & Beyond received $240 million from Sixth Street Specialty Lending, Inc. in funding to keep its retail locations and websites operating during the bankruptcy process.
In a message sent to customers, Bed Bath & Beyond said it will stop accepting coupons on Wednesday, and it will process returns until May 24 and accept gift cards until May 8.
Earlier this month, shares of Bed Bath & Beyond’s stock fell to a record low of 31 cents, when the company said in a Securities and Exchange filing the retail giant could be “unable to avoid bankruptcy” if a proposal to implement a reverse split stock was not approved.
Bed Bath & Beyond is a chain of domestic merchandise retail stores that was founded in 1971. The company’s first store was opened by Warren Eisenberg and Leonard Feinstein in Springfield, New Jersey. The company’s initial strategy was to sell a broad range of domestic merchandise at discount prices. The first store was called Bed ‘n Bath and offered mainly bedding and bath items.
In 1985, the company went public and was renamed Bed Bath & Beyond. Throughout the 1980s and 1990s, the company continued to expand and acquire other retail chains, including Christmas Tree Shops, Harmon Stores, and Cost Plus World Market. These acquisitions helped to diversify the company’s product offerings and expand its customer base.
By the early 2000s, Bed Bath & Beyond had become a major player in the retail industry, with more than 500 stores across the United States, Canada, and Puerto Rico. The company’s success was largely due to its wide selection of merchandise, its affordable prices, and its commitment to customer service.
In recent years, Bed Bath & Beyond has faced increasing competition from online retailers like Amazon, as well as other brick-and-mortar retailers such as Target and Walmart. In response, the company has made efforts to improve its online presence and digital capabilities, including launching a new website and mobile app.
In 2020, Bed Bath & Beyond announced plans to close approximately 200 stores over the next two years in an effort to streamline its operations and focus on its most profitable locations. The company also announced a new CEO, Mark Tritton, who is leading a turnaround effort aimed at reviving the brand and improving its financial performance.
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I can’t believe they have lasted this long. 100% of what they sell is available on Amazon at cheaper prices.
The problem was lack of revenue from the Beyond Department.