Bed Bath & Beyond is now bankrupt

With the closing of past retail stores such as Sears and JCPenney, many had come to rely on specialty items such as sheets, towels and kitchen gadgets for their homes by shopping at Bed, Bath and Beyond. Its’ title said it all because anything that you needed for the home could usually be found within the walls of these stores or quickly ordered on-line. That is quickly coming to an end as the retail giant announced that it is filing for bankruptcy and closing its doors. 

Following years of dismal sales and losses and numerous failed turnaround plans, Bed Bath & Beyond filed for bankruptcy protection in the U.S. District Court in New Jersey, saying it will start an orderly wind down of its operations, while seeking a buyer for all or some of its businesses. It listed estimated assets and liabilities in the range of $1 billion to $10 billion.

The retailer said it anticipates closing 360 Bed Bath & Beyond stores, its 120 Buy Buy Baby sites and its website by June 30. The move comes after the company failed to secure funds to stay afloat. According to the court filing the company employed 14,000 workers, which will be impacted by the closing. For now, the company will remain open to serve customers.  

Founded in 1971, Bed Bath & Beyond had for years enjoyed its status as a big box retailer that offered a vast selection of products. Unfortunately, the retail giant struggled with weak sales and found it hard to compete with stores such as Target and Walmart. 

Consumers should be cautious about purchases during this time as many may not be returnable. Ask the store for their return policy during this time before you make a purchase that you cannot bring back or get a refund.