Wildly popular home goods go-to Bed Bath & Beyond has officially filed for bankruptcy. Though the company’s 360 Bed Bath & Beyond stores and 120 Buy Buy Baby shops will currently remain open in-person and online, the company is beginning to “effectuate the closure of its retail locations,” shared a recent press release.
Specifically, the company has filed under Chapter 11 of the U.S. Bankruptcy Code. According to the filing, all stores are expected to cease operations by June 30, 2023.
“Thank you to all of our loyal customers. We have made the difficult decision to begin winding down our operations,” wrote the Bed Bath & Beyond website.
This isn’t the first time Bed Bath & Beyond had to close their doors. 150 locations were closed last August, and an additional 87 store closures were announced back in February.
Sixth Street Specialty Lending has given the company about $240 million in debtor-in-possession financing to assist ongoing operations and the bankruptcy process.
Bed Bath & Beyond quickly became a staple for affordable housewares after being founded in 1971, and it even peaked at 1,552 stores in 2017, according to CNN. Though, like many other stores, the peak of online shopping contributed to its downfall, as well as larger chains that became shoppers’ go-to.
“Millions of customers have trusted us through the most important milestones in their lives – from going to college to getting married, settling into a new home to having a baby,” said Sue Gove, President & CEO of Bed Bath & Beyond Inc. “We deeply appreciate our associates, customers, partners, and the communities we serve, and we remain steadfastly determined to serve them throughout this process. We will continue working diligently to maximize value for the benefit of all stakeholders.”
According to the New York Times, Bed Bath & Beyond will begin its closing sales on Wednesday, April 26th—the same day it will stop accepting coupons.