Bed Bath & Beyond Is Going Out Of Business & Here's When The Closing Sales Will Start
They filed for bankruptcy.
Bed Bath & Beyond is a retailer known for product deals aimed to create a happy home, but they won't be around much longer. The chain is closing operations, meaning its open locations' final sales will drop very soon.
The store filed for bankruptcy on Sunday, and there is an announcement on the company's website's homepage informing customers of the news.
"Thank you to all of our loyal customers," the blurb reads. "We have made the difficult decision to begin winding down our operations. Bed Bath & Beyond and Buybuy Baby stores remain open to serve you."
Its 360 home goods locations, along with 120 buybuy Baby locations will stay open until the very near future, along with its online store options. CNN Business reports that the company secured a $240 million loan to assist with operations during the bankruptcy case.
The closing sales will begin on Wednesday, which means they won't accept any more coupons, due to the discounts they'll offer.
The U.S.-based chain already started shutting its Canadian franchises, as well, because of "dramatic declines in revenues," according to a court filing made back in February, and their closing sales began back in March. According to Canadian TikTokers, they did not disappoint.
In early April, there were tons of 30% off sale signs around the store, and some items, like Nespresso machines, were marked $300 dollars off, as seen at their Vancouver locations.
CNN Business states that just because they go bankrupt does not mean they will officially shut down. It is currently seeking a buyer, but will ultimately go out of business if it cannot find one.
Why is Bed Bath & Beyond declining?
The home goods chain failed to maintain healthy business revenues to stay afloat. A court filing in Ontario stated that COVID-19 put a major financial strain on the business.
In the U.S., Bloomberg reported that they took a misstep when they didn't take online shopping seriously.
Now, they filed for bankruptcy and are getting ready to close down all locations.
Is buybuy Baby going out of business in 2023?
In the U.S. buybuy Baby will remain open for the foreseeable future. There is no exact date when its parent company will officially close down stores, as the company management is looking for a buyer to take over and potentially keep doors open.
If they cannot find someone to buy out the franchise, then Bed Bath & Beyond will go out of business, ultimately putting buybuy Baby out of business, as well.
How many stores does Bed Bath & Beyond have in 2023?
There are 360 stores open. According to CBS News, the store closed down 150 locations last year. The company reached its peak in 2017, having 1,560 open locations.
Now, they are at less than half that number and are continuing to decline.
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