Plus, the open-store layout encouraged impulse buying: Shoppers would come in to buy new dishes and walk out with pillows, towels and other items.
Brands coveted a spot on Bed Bath & Beyond’s shelves, knowing it would lead to big sales.
The retailer attracted a broad range of customers by selling name brands at cut-rate prices. Instead, Bed Bath & Beyond expects to offer “deep discounts” on its products as part of its going-out-of-business sales. The company will stop accepting them Wednesday. The company said customers will have Sunday, Monday and Tuesday to use their remaining 20%-off coupons. The blue-and-white coupons became something of a pop culture symbol, and millions of Americans wound up stashing them away in their cars, closets and basements. Jessica Rinaldi/Reutersīed Bath & Beyond became known for pots and pans, towels and bedding stacked from the floor to the ceiling at its cavernous stores - and for its ubiquitous 20%-off coupons. Those companies, too, ultimately filed for bankruptcy as shoppers turned away from huge specialty stores in favor of online options like Amazon.Ĭhris Hammons unloads a bag of items she purchased at a Bed Bath & Beyond store in Dallas, Texas September 23, 2009. “Ultimately, if it emerges from bankruptcy at all, Bed Bath & Beyond will be a shadow of its former self,” he said.īed Bath & Beyond had been a crown jewel of the era of so-called “category killers” - chains that dominated a category of retail, such as Toys “R” Us, Circuit City and Sports Authority. It’s also possible the company could emerge from bankruptcy as an online-only retailer, said Neil Saunders, an analyst at GlobalData Retail. But if a buyer doesn’t come forward, Bed Bath & Beyond will likely be liquidated entirely and go out of business. If it’s able to find a buyer, Bed Bath & Beyond will halt store closings. The company said it would seek to sell some or all of its business. But even if Bed Bath and Beyond does emerge from bankruptcy, its future is not guaranteed. Many major US companies have filed for bankruptcy, using it to shed debt and other costs they could no longer afford.
Just how many – or what happens to its 14,000 employees –depends on what happens next.Ī bankruptcy filing does not necessarily mean that a company is going out of business. The company secured a $240 million loan to help fund its operations during bankruptcy.īut store closing sales will begin Wednesday, and Bed Bath & Beyond will close some stores. The company’s 360 Bed Bath & Beyond locations, along with its 120 buybuy BABY stores, will remain open for now, as will websites. 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. “Thank you to all of our loyal customers. Bed Bath & Beyond, the store for seemingly everything in your home during the 1990s and 2000s, filed for bankruptcy on Sunday.
0 kommentar(er)
