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Gift Table Sign - Home goods retailer Bed Bath & Beyond has filed for Chapter 11 bankruptcy and is preparing to close its remaining stores, the company announced Sunday, after months of speculation that the embattled chain would take financial action. In a statement, Bed Bath & Beyond filed for 11th bankruptcy in New Jersey and has begun "a limited sale and marketing process for some or all of its assets."

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Gift Table Sign

The brand expects to close 360 ​​of its Bed Bath & Beyond and 120 buybuy BABY stores, although the company said it could "get away with closing any stores" if it finds a buyer. Bed Bath & Beyond Sixth Street Specialty Lending, Inc. said in a message to customers that Bed Bath & Beyond will stop accepting coupons on Wednesday, process returns until May 24 and accept gift cards until May 8.

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At a record low of 31 cents, the company said in a securities and exchange filing that the retailer "cannot avoid bankruptcy" unless a proposal to implement a reverse stock split is approved. More than 1,500. How many retail stores did the chain once operate?

Bed Bath & Beyond was first launched in 1971 and finally went public in 1992. Shares of the brand hit an all-time high of $79.32 in 2013. But like other brick-and-mortar retailers, it was plagued by layoffs and financial problems. In the following years. In 2019, the company reported its first annual sales decline, according to the Wall Street Journal.

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In an interview with the Journal, co-founder Warren Eisenberg admitted the brand has been slow to adapt to e-commerce and online shopping, saying "the Internet missed the boat." The retailer tried to revive its business by increasing online sales and launching private-label brands, but those efforts ultimately failed to save the company, and former CEO Mark Tritton, who initiated the turnaround plan, left the company last year.

In January, the Journal reported that the company was preparing to file for Chapter 11 in the coming weeks. That same month, Brandt defaulted on its debt and warned it didn't have enough cash to pay back some of the debt. While the company plans to cut costs and reduce store operations, it acknowledged that those measures "may not be successful."

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In March, Bed Bath & Beyond announced plans to issue and sell up to $300 million in stock as a last-ditch effort to avoid bankruptcy. Bed Bath & Beyond has announced hundreds of store closings in recent months, part of an effort to keep the business afloat by shuttering poorly performing locations.

About 1,300 employees were also laid off earlier this month after a 20% reduction in its workforce in August. As of February 2022, the company employs approximately 32,000 people, including 26,000 store employees. Bed Bath & Beyond Tumbles to Record and Etsy Etsy no longer supports your older versions.

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