Bed Bath & Beyond To Liquidate Inventory and Go Out Of Business
Looks like no more giant coupons giving you 20%, 30% or even 50% off your purchases at Bed Bath & Beyond as the company filed for bankruptcy on Sunday, April 23rd.
“Thank you to all of our loyal customers. We have made the difficult decision to begin winding down our operations,” a statement at the top of the company’s website said Sunday morning.
360 Bed Bath & Beyond locations including all 13 in New Jersey, along with its 120 Buy Buy Baby stores, will remain open for now. Their websites will also remain operational for sales. The company secured a $240 million loan to help fund its operations during bankruptcy.
In-store closing sales will begin Wednesday, and Bed Bath & Beyond will close some stores. A bankruptcy filing does not necessarily mean that a company is going out of business. Many major US companies have filed for bankruptcy, using it to shed debt and other costs they could no longer afford. But even if Bed Bath and Beyond does emerge from bankruptcy, its future is not guaranteed. The company said it would seek to sell some or all of its business. If it’s able to find a buyer, Bed Bath & Beyond will halt store closings. But if a buyer doesn’t come forward, Bed Bath & Beyond will likely be liquidated entirely and go out of business.
Bed Bath & Beyond became known for pots and pans, towels and bedding — and for its 20%-off coupons. The blue and white coupons became something of a pop culture symbol, and millions of Americans wound up stashing them away in their cars, closets and basements.
The company said customers will until Wednesday, April 26th to use their remaining 20%-off coupons. Bed Bath & Beyond expects to offer “deep discounts” on its products as part of its going-out-of-business sales.