Bed Bath & Beyond, a home goods retailer, has filed for bankruptcy protection on Sunday after years of declining sales and the rise of online shopping.
“Thank you to all of our loyal customers. We have made the difficult decision to begin winding down our operations,” the company said in a statement on Sunday morning.
SALES OF BLACK JACK-O’-LANTERNS HALTED AFTER COMPLAINTS THEY WERE RACIALLY INSENSITIVE
Customers will have Sunday, Monday and Tuesday to use their 20%-off coupons and then they will begin closing sales on Wednesday in order to liquidate all inventory. Gift cards will be accepted until May 8.
The company has 360 Bed Bath & Beyond locations, 130 buybuy BABY stores, and 14,000 employees. They plan to use a $240 million loan to fund their operations as they work through their bankruptcy and closing stores.
Bed Bath & Beyond joins the list of malls and brick and mortar stores — Toys “R” Us, Circuit City, and Sports Authority —being dominated by online shopping options.
The company has $5.2 billion in debt and just $4.4 billion in assets, according to their bankruptcy filing.
In early 2021, Bed Bath & Beyond announced that they would stop selling MyPillow products. CEO Mike Lindell alleged they pulled his products over his support for former President Donald Trump. The company claimed they were discontinuing the sales of a “number of underperforming items and brands,” which included MyPillow.
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In 2019, Bed Bath & Beyond pulled black jack-o’-lanterns after complaints that they were racially insensitive.
In 2017, the retailer denied claims that they scrapped Ivanka Trump’s merchandise from its stores. They released a statement insisting that they did not make “merchandising decisions based on anyone’s political beliefs” and carry items based on “consumer demand and business performance justifies it.”
