After fighting to fend off bankruptcy for months, home furnishings retailer Bed Bath & Beyond Inc. announced that it has filed for Chapter 11 proceedings and will be closing all its 360 stores.
In a press statement released on Apr. 23, the beleaguered big box store indicated it is conducting a search for interested investors to keep the company going past the liquidation process. However, as Consumer Affairs reported, the company will begin shuttering stores on Wednesday, Apr. 26.
Bed Bath & Beyond also announced that the bankruptcy affects its 120 buybuy Baby stores, the infant and toddler merchandise retailer it acquired in 2007.
When Will Bed Bath & Beyond Close Its Stores?
Until business at Bed Bath & Beyond and buybuy Baby is concluded, the company’s store locations and websites will remain open to serve the public. Customers will be able to return and exchange purchases through May 24 for purchases made before Apr. 23 and the company will continue to accept gift cards until May 8.
According to Quartz, attempts by Bed Bath & Beyond to stave off insolvency were futile as efforts to save the company — including a $300 million public offering of stock in March and the closing of hundreds of under-performing stores — failed. The home goods retailer managed to raise only $48.5 million of that $300 million goal as of Apr. 10.
The company has struggled to get its quarterly revenue growth back into the black since 2019, per Quartz, and with a 40-50% drop in year-over-year sales during the last quarter of 2022 (and a debt of $5.2 billion), Bed Bath & Beyond simply couldn’t regain its financial footing. Amid poor performance and strong competition, its stock price has steadily dropped since the pandemic, finally falling to a record low of 31 cents earlier this month, per Forbes.
“Millions of customers have trusted us through the most important milestones in their lives — from going to college to getting married, settling into a new home to having a baby,” said president and CEO Sue Gove. “Our teams have worked with incredible purpose to support and strengthen our beloved banners, Bed Bath & Beyond and buybuy Baby.”
“We deeply appreciate our associates, customers, partners, and the communities we serve, and we remain steadfastly determined to serve them throughout this process,” Gove added. “We will continue working diligently to maximize value for the benefit of all stakeholders.”