Bed Bath & Beyond, a home goods retailer, filed for bankruptcy protection on Sunday after years of declining sales and the rise of online shopping.
“Thank you to all of our loyal customers. We have made the difficult decision to begin winding down our operations,” the company said in a statement on Sunday morning.
SALES OF BLACK JACK-O’-LANTERNS HALTED AFTER COMPLAINTS THEY WERE RACIALLY INSENSITIVE
Customers will have Sunday, Monday, and Tuesday to use their 20%-off coupons, and then it will begin closing sales on Wednesday to liquidate all inventory. Gift cards will be accepted until May 8.
The company has 360 Bed Bath & Beyond locations, 130 Buy Buy BABY stores, and 14,000 employees. It plans to use a $240 million loan to fund operations as it works through bankruptcy and closing stores.
Bed Bath & Beyond joins the list of malls and brick-and-mortar stores — Toys “R” Us, Circuit City, and Sports Authority — being dominated by online shopping options.
The company has $5.2 billion in debt and just $4.4 billion in assets, according to its bankruptcy filing.
In early 2021, Bed Bath & Beyond announced it would stop selling MyPillow products. CEO Mike Lindell alleged it pulled his products over his support for former President Donald Trump. The company claimed it was discontinuing the sales of a “number of underperforming items and brands,” which included MyPillow.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
In 2019, Bed Bath & Beyond pulled black jack-o’-lanterns after complaints they were racially insensitive.
In 2017, the retailer denied claims that it scrapped Ivanka Trump’s merchandise from its stores. It released a statement insisting it did not make “merchandising decisions based on anyone’s political beliefs” and that it carries items based on “consumer demand and business performance.”
