Bed Bath & Beyond has filed for bankruptcy and plans to liquidate all inventory, according to the Wall Street Journal. “Thank you to all of our loyal customers. We have made the difficult decision to begin winding down our operations,” a statement at the top of the company’s website said Sunday morning.
Presently, the company’s 360 Bed Bath & Beyond locations, along with its 120 buybuy BABY stores, will remain open, as will websites. But store closing sales will begin Wednesday, and Bed Bath & Beyond will close some stores. The retailer said it anticipates closing all of its stores by June 30.
Bed Bath & Beyond cautioned that it may need to file for bankruptcy.
The company announced back in August that it would shutter stores and lay off workers in a bid to turn around its business. In January, Bed Bath & Beyond cautioned that it may need to file for bankruptcy protection as it struggles to attract shoppers.
Earlier this year, the retailer updated its store closing list, which included about 290 stores. Some stores scheduled to close this year are in areas such as Lansing, Flint, Holland, Portage, Saginaw, Troy, and Westland.
The company has outlined this means for its customers in an online FAQ page. The FAQ said that the company is encouraging shoppers to seek out its discounted merchandise later this week. Items purchased before Wednesday can be returned until May 24, but all sales after Wednesday will be final. The store will stop accepting gift cards on May 8.
According to the court filing, this also leaves 14,000 workers’ jobs at risk. Back in February, the company had 32,000 workers, said the court filing. Several reports said that wages and benefits will be honored as the company completes the bankruptcy process for current employees.
Bed Bath & Beyond became known for pots and pans, towels, bedding stacked from the floor to the ceiling, and for its 20 percent off coupons.
Here are 13 Michigan stores affected by the Bed Bath & Beyond bankruptcy.
