Bed Bath & Beyond, a once-beloved retailer for milestone shopping, including college, marriage and babies, has filed for Chapter 11 bankruptcy protection and announced the closure of all its stores, which will potentially leave thousands of workers without jobs.
Over the past year, the company has been aggressively closing stores, announcing in February plans to close 150 locations and closing 87 stores just one week before,” The Hill reported. In January, the company warned investors that a bankruptcy filing might be on the horizon after its third-quarter sales were a third lower than the previous year, stating there was “substantial doubt” about its ability to continue operating.
Despite a boost in sales during the pandemic when Americans spent more time at home, the company failed to capitalize on the wave of consumer spending, resulting in a significant drop in foot traffic, according to The Washington Post. The company faced dwindling customer interest, with rivals like Walmart, Target, and Amazon dominating the homeware market.
“This company has been in late-stage decline for a while,” said Ted Gavin, managing partner and founder of corporate restructuring firm Gavin/Solmonese. “The fact that it lasted as long as it did is the big surprise.”
As the iconic brand, which has long been associated with major life events like starting college, getting married and having babies prepares to shut its doors for good, let’s take a look at what it could mean for its customers.
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Are Bed Bath & Beyond stores still open?
As of now, yes!
“Stores are open and serving customers,” said the company in an email to customers, The Post reported. “However, we have initiated a process to wind down operations. We encourage you to shop your favorite products at deep discounts during our store closing sales, starting April 26, 2023.”
Ultimately, it needs to be clarified how long doors will remain open. Unless the company finds a buyer, all 360 Bed Bath & Beyond and 120 Buy Buy Baby locations will close.
Can I still shop on the website? Can I still expect to receive my online order?
Yes and yes. The website will continue to operate as usual, and customers can still expect to receive their orders.
“We expect all in-stock orders placed online both prior and after our bankruptcy filing to be fulfilled at this time,” said the company in an email to customers.
What about my coupons, gift cards, and store credit?
After Wednesday (April 26), Bed Bath & Beyond will no longer be accepting coupons.
However, customers have until May 8 to redeem gift cards and can redeem merchandise credit until May 15.
Is Bed Bath & Beyond accepting returns and exchanges?
If the items were purchased before Sunday, customers have until May 24 to return or exchange the items. However, all items purchased during the closing sale, starting Wednesday, will be considered final sale.
What about my membership?
“While your membership is not eligible for a refund, you can continue to enjoy your membership benefits before our store closing sales begin on April 26, 2023,” the company told customers, NBCnews.com reports.
Will I lose my Bed Bath & Beyond or buybuy BABY registry?
“Your registry data is safe. While registry items can no longer be purchased through our platform, you can still view your registry at this time.”
The company plans to collaborate with an alternative platform to transfer all registry information, but details are still pending, according to NBCnews.com.
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