Posted on 04/25/2023 2:03:05 PM PDT by Twotone
Bed Bath & Beyond, the store for seemingly everything in your home during the 1990s and 2000s, filed for bankruptcy on Sunday.
“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.
The company’s 360 Bed Bath & Beyond locations, along with its 120 buybuy BABY stores, will remain open for now, as will websites. The company secured a $240 million loan to help fund its operations during bankruptcy.
But store closing sales will begin Wednesday, and Bed Bath & Beyond will close some stores. Just how many – or what happens to its 14,000 employees –depends on what happens next.
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.
It’s also possible the company could emerge from bankruptcy as an online-only retailer, said Neil Saunders, an analyst at GlobalData Retail.
“Ultimately, if it emerges from bankruptcy at all, Bed Bath & Beyond will be a shadow of its former self,” he said.
Bed Bath & Beyond had been a crown jewel of the era of so-called “category killers” — chains that dominated a category of retail...
(Excerpt) Read more at cnn.com ...
Bed, Bath, and Beyond committed retail suicide when they banned sales of “ My Pillow “ products.
Go WOKE, go BROKE !
Gee, that is too bad.
The woman who inherited the company was a true believer “woke” person. She should have apologized to Mike Lindell and the BBB customers for bringing her personal politics to bear on her company. Many would have returned with their 20% coupons in hand. That might have slowed down the company’s decline and demonstrated for to other companies an important lesson.
Buh bye!
“For those who like that sort of thing,” said Miss Brodie in her best Edinburgh voice, “that is the sort of thing they like.”
I think they should fly everything to Afghanistan and just leave it there. It's how we do things in our current Biden-world.
Too bad...so sad.
Most of the stuff in there is crappy Chinese junk. It’s an overpriced dollar store.
B, B & Bynd ran all the Kitchen, Cookery and Home stores out of business then they got a bunch of consumers mad and during a marginal sales period when markups were minimal they went bust.
Perhaps we will see a lot of mom and pop stores open with eclectic merchandise. I used to have favorites for cooking gear, wine, cheese, home goods and the like in many markets. They all vanished by 2008 and the Obama Depression.
That’s too bad. It had some nice stuff, but the stores were seemingly disorganized that you couldn’t find anything very easily.
committed retail suicide when they banned sales of “ My Pillow “ products.”
I’d like to think that was the reason but they did that a few years ago. It didn’t help but I don’t know that it was a big part of it.
A fitting troll would be to print up poster-sized photos of Mike Lindell laughing and stick them to the windows of their closed stores.
I guess they showed Trump.
Ooh rah.
https://www.cnn.com/2021/01/19/business/mypillow-bed-bath-and-beyond-sales/index.html
“Tue January 19, 2021
...
Bed Bath & Beyond has stopped selling MyPillow products following CEO Mike Lindell’s support of the January 6 insurrection and his continued false statements questioning the validity of the US presidential election...”
Just in case you have a bunch hanging around . . . .
It wasn't. Many of their stores had closed well before the My Pillow debacle. At most you could probably say the decision with My Pillow sped up a bit the inevitable.
Has nothing to do with wokeness. Many bricks & mortar stores are closing, as more people are buying online.
And many online companies, Amazon included, are woke and doing just fine.
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