Bed Bath & Beyond is closing

Bed Bath & Beyond plans to close all of its 360 stores by June 30, the Washington Business Journal reports.

That includes the Bed Bath & Beyond at the Crossroads Center in Bailey’s Crossroads.

Customers who have those ubiquitous blue-and-white 20 percent off coupons have to use them before they expire on April 26, according to CNN Business. Deep discounts are expected until the stores close.

Items purchased before April 26 can be returned until May 24 but all sales after April 26 will be final. Stores will stop accepting gift cards on May 8.

The decision to close stores follows the company’s filing for Chapter 11 bankruptcy. Under the bankruptcy proceedings, Bed Bath & Beyond filed for relief to “implement an orderly wind-down of its businesses while conducting a limited market process to solicit interest in one or more sales of some or all of its assets,” the company announced April 23. 

It says all brick-and-mortar stores and its online shopping website will remain open as the wind-down commences. The company also owns buybuy BABY.

During this period, “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.”

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If Bed Bath & Beyond is able to successfully sell its assets, it will pivot away from any store closings needed to implement a transaction,” the company states.

The home goods company was founded in 1971 in New Jersey and became one of the big-box “category killers,” but ultimately couldn’t compete with Amazon. Sales also suffered during the Covid pandemic. Several turnaround strategies in recent years weren’t effective.

During a 2022 third-quarter earnings report, the company announced a 33 percent decline in sales. By the end of the year, Bed Bath & Beyond had more than $5.2 billion in debt and $4.4 billion in assets.

Bed Bath & Beyond received a commitment of approximately $240 million in debtor-in-possession funds from Sixth Street Specialty Lending to support operations during the Chapter 11 process.