The company said that its stores and websites will remain open and continue serving customers as it “begins its efforts to effectuate the closure of its retail locations.”
In a statement, the company, based in Union, New Jersey, said it voluntarily made the filing “to implement an orderly wind down of its businesses while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets.”
“It’s the death of an icon. A lot of people have grown up with it,"said Neil Saunders, managing director of GlobalData Retail. “It’s an institution in retailing, but unfortunately being an institution doesn’t protect you from financial woes.” In late 2019, Bed Bath & Beyond tapped Target executive Mark Tritton to take the helm and turn around sales. Tritton quickly reduced coupons and started to introduce store label brands at the expense of national labels, a strategy that proved disastrous for the retailer.
This past holiday season, the stores were missing many key items, and it lost many customers, a problem that continued to plague the retailer through the winter and spring seasons.
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Struggling Bed Bath & Beyond files for bankruptcy protectionBut the company says its stores and websites will remain open and continue serving customers.
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