![]() He shook up corporate leadership and then cashed out of his bet with a tidy profit. Last year, its shares rose and crashed as a meme stock on the news that activist investor Ryan Cohen invested in the company. The strategy exacerbated the industry-wide supply chain crisis, leaving top products like KitchenAid mixers missing from Bed Bath's shelves. But its website has long lagged behind its peers.Ī few roller coaster years finally tipped the retailer into bankruptcy.ĭuring the pandemic, the chain missed out on the historic home-goods shopping boom because it was in the middle of an overhaul that involved replacing big name brands with more profitable private brands. As recently as 2018, the chain had over 1,500 stores. Sales had fallen similarly in the quarter before that, down 32%.īed Bath & Beyond was once a dominant "category killer" that absorbed or outlived many early rivals. The retailer previously cited "lower customer traffic and reduced levels of inventory availability" as it flagged "substantial doubt about the company's ability to continue as a going concern." A preliminary report for the holiday-season quarter showed sales falling 40% to 50% from a year earlier. Since first warning of a bankruptcy in January, Bed Bath & Beyond has exhausted numerous last-ditch efforts to shore up financing, including store closures, job cuts and several lifelines from banks and investors. "We have initiated a process to wind down operations." "We appreciate that our customers have trusted us through the most important milestones in their lives – from going to college, to getting married, to settling into a new home, to having a baby," the company said in an email to shoppers on Sunday. Gift cards are expected to stay valid through May 8. Starting on Wednesday, April 26, the chain will stop accepting coupons and discounts and sales will be final. The retailer says its 360 Bed Bath & Beyond stores and 120 BuyBuy Baby stores remain open, but will shutter over time. ![]() The company, which also owns the BuyBuy Baby chain, has struggled to regain its financial footing after a series of turnaround attempts that proved to be mistimed or ineffective. More details are expected in the coming days, it said.The once-dominant home goods retailer Bed Bath & Beyond has filed for bankruptcy protection after months of losing shoppers and money. The company says it expects to partner with an alternative platform where registry information will be transferred. What to know if you're registered with Bed Bath & Beyond or buybuy BABY Any items purchased on Wednesday - the start of its closing sales - or after will be final. How about product returns?Īny items purchased before Wednesday can be returned or exchanged until May 24. "We encourage you to come shop for your favorite products while merchandise selection is best," the company said. ![]() The company’s remaining 360 Bed Bath & Beyond and 120 buybuy BABY stores and websites will remain open and continue serving customers as the company winds down its business and seeks a buyer for its remaining assets. Will Bed Bath & Beyond stores and its website remain open? The beleaguered company has laid out what the action means for its customers in an online FAQ page. Bed Bath & Beyond filed for Chapter 11 bankruptcy Sunday, with plans to wind down its entire business. ![]()
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