Bed Bath & Beyond filed for bankruptcy protection, following years of dismal sales and losses and numerous failed turnaround plans.
Nearly empty shelves are seen at a Bed Bath & Beyond store, April 10, 2023 in Naples, Fla. Bed Bath & Beyond has filed for bankruptcy protection, but the company says its stores and websites will remain open and continue serving customers. The beleaguered home goods chain made the filing Sunday, April 23 in U.S. District Court in New Jersey, listing its estimated assets and liabilities in the range of $1 billion and $10 billion.
For now, the company’s 360 Bed Bath & Beyond stores and its 120 Buy Buy Baby sites as well as its websites will remain open to serve customers. Bed Bath & Beyond said it secured a commitment of roughly $240 million in financing from Sixth Street Specialty Lending, Inc. to allow it to keep operating during the bankruptcy process.
But for the last decade or so, Bed Bath & Beyond struggled with weak sales, largely because of its messy assortments and lagging online strategy that made it hard to compete with the likes of Target and Walmart, both of which have spruced up their home departments with higher quality sheets and beddings. Meanwhile, online players like Wayfair have lured customers with affordable and trendy furniture and home décor.
The retailer ousted Tritton in June 2022 after two back-to-back quarters of disastrous sales. In recent months, the company, under the stewardship of recently appointed president and CEO Sue Grove, went back to its original strategy of focusing on national brands, instead of pushing its own store labels. But the company has had a hard time having suppliers commit to delivering merchandise because of the retailer’s financial woes.
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