Following years of dismal sales, losses, and numerous failed turnaround plans, Bed Bath & Beyond has filed for bankruptcy protection abc15
The beleaguered home goods chain made the filing Sunday in U.S. District Court in New Jersey and said it will start an orderly wind down of its operations including eventually closing its stores, while seeking a buyer for all or some of its businesses. For now, its 360 Bed Bath & Beyond stores and its 120 Buy Buy Baby stores as well as its websites will remain open to serve customers.
The filing comes as the company’s shares have tumbled even more as speculation of an impending bankruptcy filing increased. Its financial performance has also deteriorated. In late March, it noted that preliminary results showed anywhere from a 40% to 50% decline in sales at stores opened at least a year for the quarter ended Feb. 25.
Bed Bath & Beyond’s recently appointed president and CEO Sue Gove blamed the poor holiday performance on inventory constraints and reduced credit limits that resulted in shortages of merchandise on store shelves. Founded in 1971, Bed Bath & Beyond had for years enjoyed its status as a big box retailer that offered a vast selection of sheets, towels and gadgets unmatched by department store rivals. It was among the first to introduce shoppers to many of today’s household items like the air fryer or single-serve coffee maker, and its 15% to 20% coupons were ubiquitous.
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Struggling Bed Bath & Beyond files for bankruptcy protectionBed Bath & Beyond has filed for bankruptcy protection, but the company says its stores and websites will remain open and continue serving customers. The beleaguered home goods chain made the filing Sunday in U.S. District Court in New Jersey, listing its estimated assets and liabilities in the range of $1 billion and $10 billion. The move comes after the company based in Union, New Jersey, failed to secure funds to stay afloat. In a statement, the company says it voluntarily made the filing 'to implement an orderly wind down of its businesses while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets.”
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Struggling Bed Bath & Beyond files for bankruptcy protectionBed Bath & Beyond has filed for bankruptcy protection, but the company says its stores and websites will remain open and continue serving customers.
Read more »
Struggling Bed Bath & Beyond files for bankruptcy protectionBed Bath & Beyond has filed for bankruptcy protection, but the company says its stores and websites will remain open and continue serving customers.
Read more »
Struggling Bed Bath & Beyond files for bankruptcy protectionBed Bath & Beyond has filed for bankruptcy protection, but the company says its stores and websites will remain open and continue serving customers.
Read more »
Struggling Bed Bath & Beyond Files For Bankruptcy ProtectionBed Bath & Beyond has filed for bankruptcy protection, but the company says its stores and websites will remain open and continue serving customers.
Read more »
Struggling Bed Bath & Beyond files for bankruptcy protectionBut the company says its stores and websites will remain open and continue serving customers.
Read more »