Bed Bath & Beyond is closing. Here's what to know
Louisiana’s five remaining Bed Bath & Beyond stores will be closing after the company filed for bankruptcy, it announced Sunday, along with the hundreds of other locations nationwide.
The announcement that the remaining 350 Bed Bath & Beyond stores – in addition to around 120 buybuy BABY stores – would be closing came after the brands had seen a steep decline in recent years, and has been strategically closing hundreds of locations to help bounce back.
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"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, the president and CEO of Bed Bath & Beyond Inc., in a release.
Our teams have worked with incredible purpose to support and strengthen our beloved banners, Bed Bath & Beyond and buybuy BABY. 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."
Here’s what we know:
Are all Louisiana stores closing?
Yes, all of the companies remaining 350 Bed Bath & Beyond stores will be closing. According to the Bed Bath & Beyond website, the company still has stores in Alexandria, Baton Rouge, Denham Springs, Lafayette and Metairie.
Locations in Alexandria, Shreveport, Houma, Lake Charles, Monroe and Bossier City had already been on the chopping block in previous rounds of closures dating back to September 2022.
The company did say that it is looking for a buyer to buy some or all of the stores as well.
When do the sales begin?
The store closing sales will begin April 26, the company said on its website. The stores will remain open as the company navigates the closure process.
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Customers can also continue to buy via the website or the store’s app.
Why is the company declaring bankruptcy?
Bed Bath & Beyond tried several things – including the closures of hundreds of stores – to try to build up enough money to stay in business. The Associated Press reported that the company has a list of estimated assets and liabilities totaling between $1 billion and $10 billion.
Leadership had also warned of a potential bankruptcy filing over the last few months, and its share price has tumbled. Near the end of March, the company sold around $300 million in shares to try to avoid bankruptcy.
The company had seen a 40-50% reduction in sales at some stores for the quarter that ended Feb. 25, AP reported.
Bed Bath & Beyond is not alone. Both David’s Bridal and Party City have also filed for bankruptcy this year. Others – like Neiman Marcus and J.C. Penney – filed for bankruptcy during the pandemic.
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This article originally appeared on Lafayette Daily Advertiser: Bed Bath & Beyond is closing. Here's what to know
