Bed, Bath & Beyond Plans to Swiftly Liquidate, Shutter ALL Stores

[BlueWaveNeverEnd]

Bed, Bath & Beyond Plans to Swiftly Liquidate, Shutter Stores
Story by Sarah Holder and Jeremy Hill • 4h ago

(Bloomberg) -- Bed Bath & Beyond Inc., the big-box retailer that for decades provided essential shopping for college dorms, wedding gifts and new homes, will close all of its stores and liquidate inventory over the next two months after its turnaround failed.

The Union, New Jersey-based company filed for Chapter 11 bankruptcy on Sunday, a move that came months after saying it was weighing options to restructure debt, with “substantial doubt” about its ability to keep operating. The filing will allow it to begin liquidating 360 Bed Bath & Beyond stores and 120 Buy Buy Baby shops immediately, though the company said it’s also searching for a buyer for some or all of its assets.

The shuttering of one of America’s most well-known home goods retailers will put the jobs of thousands of employees — and their retirement savings and severance pay — on the line. The company currently employs about 14,000 people in the US and Puerto Rico, and among its initial requests in bankruptcy is to pay about $76 million of employee wages and benefits.

he timing of the winddown will be swift, according to court documents. Bed Bath & Beyond expects all sales at the remaining brick-and-mortar stores to be completed and the properties vacated by June 30.

“We appreciate that our customers have trusted us through the most important milestones in their lives,” the company said in an email to shoppers. “Our stores are open and serving customers. However, we have initiated a process to wind down operations.”

https://www.msn.com/en-us/money/other/bed-bath-beyond-plans-to-swiftly-liquidate-shutter-stores/ar-AA1aedA6

[NJCher]

1. Their headquarters

I drive past it fairly frequently when I shop in that area. It’s a very, very large building. There are a few others on that street that have been empty for some time. Wonder if they own the building or if some landlord just got a giant headache.

The ones that are empty are reminiscent of when America was an industrial juggernaut.

[Hekate]

2. Damn. I liked them.

[cstanleytech]

3. They simply were unable to compete against Walmart and Amazon.

[Delphinus]

4. Oh,

I thought it was only one or two in my state! Didn't realize it was the entire business.

[wishstar]

5. I'll miss them as they had some unique good quality items not available at other stores

and the combination of their 20% coupons plus manufacturers coupons brought their prices down below even Walmart or Target on some common items I have routinely bought there.

[Ilsa]

11. Yes. I liked doing wedding presents there, especially when

the couple used the registry. I would have shopped there more, but I have what I need in hardware, and I don't get out much.

[Botany]

6. Amazon

n/t

[royable]

7. On Amazon you don't get to touch and hold and feel and inspect the real color of towels.

Or sniff the plastic shower curtain to make sure it's not a stinky plastic that will exude volatiles for months.

Ah, well. The times they are a-changin'.

[Karma13612]

10. Yup, that's my thought as well.

Not only can’t you closely inspect an product, but I can’t believe I’ll need to wait a week just to get a replacement can opener.

When you live in rural America (I do), your closest general all purpose store (besides “$$ stores”), other than WalMart (20 miles away), is usually a minimum 45-60 minutes away! And where we are in Elise’s NY-21, our nearest BBB is 1 Hr and 45 minutes away.

It’s that or Amazon. Or I can alienate all my progressive friends, support China and shop at WalMart-the ONLY alternative!

I’m using towels I’ve acquired from a hotel we used to manage and from when my folks moved to assisted living, and sold their house. I haven’t purchased new towels in decades. They aren’t thread bare, just well broken in.

[BComplex]

8. "will put the jobs of thousands of employees -- and their retirement savings and severance pay --

on the line."

will put the jobs of thousands of employees

— and their retirement savings and severance pay

— on the line.

This shit has to stop in this country!! People cannot be expected to work 30 years and have NOTHING they were PROMISED to show for it in their old age, when it's too late to start over!!

If corporations are going to continue to "offer" retirement, then a contract should be a contract, and there should be a way to enforce it! When my aunt was 83, the bank she had worked for for 35 years sold out to another bank, and cut her retirement pension IN HALF!! It wasn't that huge to begin with, but then, as an older person, her expenses were much higher due to more doctor visits and more inflation.

Saying this "isn't fair" is not enough.

[edhopper]

12. This is so important

There have been attempts by Democrats to make corporation insure retirement plans, but they have been able to stop (read bribe) Congress from enacting them.
The same people who vote GOP will ask why the Government didn't do something about it.

[Liberal In Texas]

9. This is sad. Their merch always seemed to be consistently of good quality.

The constant coupon game was a bit annoying, but it was a good store to find that thing you wanted but didn't want to wait for delivery and wanted to have a close-up look at before you bought it.
Plus, like most stores when you stroll through you may find something you didn't even know you needed.

[Phentex]

13. I went twice in the past year and just didn't understand it...

I remember it being different before with separate sections for things like kitchen, bath, and bedroom. But this store had stuff everywhere and then a huge section of makeup, cleaning products, garden stuff. I did end up with a comforter set and was happy but it's not the kind of place I would go very often.

[BlueWaveNeverEnd]

17. "huge section of makeup, cleaning products, garden stuff" yeah, that area was surprising

I'd never think to go to BBB for makeup and shampoo. Maybe they were trying to complete with Target

[Wingus Dingus]

14. Makes me sad. Some of my favorite memories involved stopping at BBB

to poke around in all their gizmos and housewares after a Saturday dinner out with hubby and kids.

[LeftinOH]

15. The comments, in every news item about this: "Go Woke Go Broke,"

..including the BBB in my neighborhood -- as if "Woke-ism" has anything to do with the cutthroat world of retail. K-Mart and Sears have collapsed as well. Fierce competition from other retailers and online shopping, coupled with some degree of poor management (in some cases) has everything to do with it.

[Aristus]

16. I read somewhere once that current banking practices more or less force companies to expand

in order to keep their credit rating. Even if it means expanding beyond their means to keep operating. And that leads to the kind of debt that inevitably causes Chapter 11 proceedings.

Anyone know if this is true?

[Xolodno]

19. I believe it.

Fresh out of a University ages ago I interviewed with them (wasn't selected), but they boasted how the company never took on any debt and only expanded when they had the cash on hand to do so. Their main competitor at the time was Linens and Things...and they went belly up eventually.

The fact they took on debt is surprising given how much they stressed to avoid it at every time. Banks make a small profit holding your money but make a larger profit getting you into debt. At one credit card company, someone I know who used to work there stated, they call people who pay off their debts quickly "assholes". As they lose the additional interest income, they want you to pay the minimum.

[XanaDUer2]

18. One of my favorite stores

I loved the smell and seeing all the gadgets, towels, etc