Iconic US homewares retailer files for bankruptcy
After years of major losses and declining sales and several attempts to save the chain, Bed Bath & Beyond has finally gone under.
The retailer filed for bankruptcy on Sunday and said in a statement it will start winding down operations and if no buyer is found all stores will be closed by the end of June 2023.
“Thank you to all of our loyal customers,” the company states on its website.
“We have made the difficult decision to begin winding down our operations.”
Bed Bath & Beyond opened its doors in 1971 and offers a huge selection of items ranging from homewares to bedding to kitchen gadgets at everyday low prices within a constantly evolving shopping environment that has proven to be both fun and exciting for customers.
Late last year, the retailer’s chief financial officer, Gustavo Arnal, who joined Bed Bath & Beyond in 2020, fell to his death, only days after the struggling company said it was closing stores and laying off staff.
For now, the 360 Bed Bath & Beyond and 120 buybuy BABY stores remain open, however, around 14,000 employees stand to lose their jobs when all stores close down. The company had 1,560 stores as recently as 2017.