“We deeply appreciate our associates, customers, partners, and the communities we serve, and we remain steadfastly determined to serve them throughout this process. “Millions of customers have trusted us through the most important milestones in their lives – from going to college to getting married, settling into a new home to having a baby,” Bed Bath & Beyond CEO Sue Gove said in a statement. It had already committed to closing all of its Harmon Face Values stores. The company’s 360 namesake stores and 120 buybuyBABY locations will remain open while it undergoes the process of closing the business and liquidating assets. This article was originally published on TODAY.An FAQ page on the company’s website said it expects to “stop accepting coupons on April 26, 2023, when we will start our store closing sales.”Īs for gift cards, the FAQ states customers can use them through May 8, 2023.īed Bath & Beyond has been warning of the possibility of bankruptcy since early January, CNBC reported, which came after the retailer said it might not have enough cash to cover expenses following a disappointing holiday season. In February, Bed Bath & Beyond announced 150 store closures across the country, just one week after initially revealing that 87 locations, five buybuy Baby stores and and all remaining Harmon Face Value stores were shuttering.Īt the time, Gove said the 150 closures, totaling about half of all Bed Bath & Beyond locations, were intended to prioritize a “straight-forward, back-to-basics philosophy that focuses on better serving our customers, driving growth and delivering business returns.” The company’s shares were worth about $2 in January, according to NBC News. Gove stepped in as interim CEO before taking over the role.īut the financial problems continued. Additionally, the message said workforce would be reduced “across our corporate, supply chain and store portfolio,” but did not include the specific number of layoffs.ĬNBC had previously reported in June 2022 that Bed Bath & Beyond’s shares had plummeted, and CEO Mark Tritton departed along with other top executives. In January, CNBC reported that employees were sent a memo that said the company’s chief transformation officer role had been eliminated. The bankruptcy news comes after the company began 2023 with a series of store closures and layoffs. “Through the filing of customary motions with the Court, the Company intends to uphold its commitments to customers, employees, and partners, including continued payment of employee wages and benefits, maintaining customer programs, and honoring obligations to critical vendors,” the statement read.īed Bath & Beyond said it has received $240 million from the investment firm Sixth Street Specialty Lending to help fund the bankruptcy process as it tries to sell some of its assets. The stores will remain open as Bed Bath & Beyond “begins its efforts to effectuate the closure of its retail locations,” the company said in the statement. However, the company assured Bed Bath & Beyond and buybuy BABY customers that they will still be able to purchase items. Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey” in a statement April 23. The home goods retailer announced it had “filed voluntary petitions for relief under Chapter 11 of the U.S. However, customers will not be awarded Welcome Rewards on any future purchases following the bankruptcy announcement. The Welcome Rewards program will be up and running until May 15, meaning customers will be able to redeem points and merchandise credits. The company said they "expect" to accept returns and exchanges for items bought before April 26 up until May 24. Closing sales begin tomorrowīed Bath & Beyond revealed on its website that closing sales will begin on April 26 with "deep discounts." Customers can still shop online, in stores or using the Bed Bath & Beyond/buybuy BABY app.Īll purchases after April 26 will be final. Membership benefits will end the day closing sales begin, but refunds are not available for membership holders.īed Bath & Beyond encouraged customers to contact Kroll Restructuring Administration, a restructuring service, for more information. "The Container Store will offer a 20% discount off any single item through May 31, 2023, for customers who bring a competitor’s blue coupon to any store location," the company said. The Container Store announced on April 26 that it will take coupons from Bed Bath & Beyond for a limited time. The company said employees will stop accepting coupons on April 26.īut, customers should not throw them away. Gift cards can be used through May 8, but any shoppers hoping to use coupons will be disappointed. (Johnny Milano / Bloomberg via Getty Images) Coupons expire on April 26 but can be used at The Container Store A Bed Bath & Beyond store in Westbury, New York, US, on Friday, Jan.
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