Bed Bath & Beyond — one of the original big box retailers known for its seemingly endless offerings of sheets, towels and kitchen gadgets — has filed for bankruptcy protection, foll…
NEW YORK — Bed Bath & Beyond — one of the original big box retailers known for its seemingly endless offerings of sheets, towels and kitchen gadgets — filed for bankruptcy protection, following years of dismal sales and losses and numerous failed turnaround plans.
In a statement, the company, based in Union, New Jersey, said 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.” The store closings will put thousands of jobs at risk.
But for the last decade or so, Bed Bath & Beyond struggled with weak sales, largely because of its messy assortments and lagging online strategy that made it hard to compete with the likes of Target and Walmart, both of which have spruced up their home departments with higher quality sheets and beddings. Meanwhile, online players like Wayfair have lured customers with affordable and trendy furniture and home décor.
The bankruptcy 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.
During the depths of the pandemic, a number of retailers filed for Chapter 11 bankruptcy including Neiman Marcus and J.C. Penney. But in 2022, there was a respite in retail bankruptcy filings as shoppers, flush with government stimulus money and a pile of savings, spent with abandon, helping to lift all types of retailers.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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.”
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 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 »