![]() Its financial performance has also deteriorated. The bankruptcy filing comes as the company’s shares have tumbled even more as speculation of an impending bankruptcy filing increased. This past holiday season, the stores were missing many essential items and lost many customers, a problem that continued to plague the retailer through the winter and spring seasons. In recent months, the company, under the stewardship of recently appointed president and CEO Sue Grove, returned to its original strategy of focusing on national brands instead of pushing its store labels.īut the company has had a hard time having suppliers commit to delivering merchandise because of the retailer’s financial woes. And while many retailers were grappling with supply chain issues a year ago, Bed Bath was among the most vulnerable, missing many of its 200 best-selling items, including kitchen appliances and personal electronics, during the holiday 2021 season.Īfter two back-to-back quarters of disastrous sales, the retailer ousted Tritton in June 2022. Tritton quickly reduced coupons and started introducing store label brands at the expense of national labels, a disastrous strategy for the retailer.Īnd the pandemic, which happened shortly after Tritton’s arrival, forced the retailer to close its stores temporarily.Īnalysts said it was never able to use the health crisis to pivot to a successful online strategy as others had. In late 2019, Bed Bath & Beyond tapped Target executive Mark Tritton to take the helm and turn around sales. 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.īut over the last decade, Bed Bath & Beyond struggled with weak sales, mainly because of its messy assortments and lagging online strategy, making it hard to compete with Target and Walmart. “It’s an institution in retailing, but unfortunately, being an institution doesn’t protect you from financial woes.”įounded in 1971, Bed Bath & Beyond had enjoyed its status as a big box retailer offering a vast selection of sheets, towels, and gadgets unmatched by department store rivals. A lot of people have grown up with it, ” said Neil Saunders, managing director of GlobalData Retail. to allow it to keep operating during the bankruptcy process. That’s drastically down from the 32,000 as of February 2022.īed Bath & Beyond said it secured a commitment of roughly $240 million in financing from Sixth Street Specialty Lending, Inc. The company employed 14,000 workers, according to the court filing. ![]() The store closings will put thousands of jobs at risk. In a statement, company officials said it voluntarily filed “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.” Job at risk The move comes after the company failed to secure funds to stay afloat. The retailer listed estimated assets and liabilities from $1 billion to $10 billion. The chain said it would start an orderly wind-down of its operations while seeking a buyer for all or some of its businesses, the Associated Press reported. Other California Bed Bath & Beyond locations that will close this year include stores in: It will stop accepting coupons on Wednesday. It also anticipates gift cards, gift certificates, and loyalty certificates will be accepted through May 8. That year, the currently shuttered Bed Bath & Beyond on Amargosa Road in Victorville was one of nearly 63 stores the home goods retailer said they had planned to close.īed Bath & Beyond expects to process returns and exchanges under its standard policies until May 24 for items purchased before Sunday. In 2020, the Apple Valley store near Best Buy in the Jess Ranch Marketplace on Bear Valley Road was spared from the chopping block when the company announced the closing of 200 stores over two years. The closure of Bed Bath & Beyond follows years of dismal sales and losses, store closures, and numerous failed turnaround plans. District Court in New Jersey and will permanently close 360 nationwide locations, including 41 in California.īed Bath & Beyond, and the 120 Buy Buy Baby locations, will be shuttered by June 30. The big box retailer filed for Chapter 11 bankruptcy protection with a U.S. ![]() locations, including the store in Apple Valley. Bed Bath & Beyond filed for bankruptcy on Sunday, which means closing all U.S.
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