On April 23, local time, Bed Bath & Beyond, an American household goods retailer, filed for bankruptcy protection in New Jersey. The documents show that its estimated assets and liabilities range from $1 billion to $10 billion.
Bed Bath & Beyond, founded in 1971, was once the largest chain of home furnishings stores in the United States, Canada and Mexico. The company's sales have fallen sharply since 2022 and is experiencing a serious operating funding gap.
CNN reported that as interest rates rise and consumer discretionary spending growth slows, U.S. bankrupt retail companies are increasing.
In addition, 3B Home said in a statement that it voluntarily submitted an application "to wind up its business in an orderly manner while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets". If the sale is successful, 3B Home will no longer close any stores that need to execute the transaction. 3B Home believes that this two-pronged process will maximize value.
The company said its 360 Bed Bath & Beyond and 120 Buy Baby stores and websites will remain open for the time being and continue to serve customers as it "begins the effort to close retail stores".
The company said in its filing that "the closure and closure of all remaining 475 physical stores is appropriate" and that it expects the process to be completed by the end of June.
, in fact, earlier this year, 3B Home announced that it would close 87 stores in 2023 to avoid bankruptcy. 3B Home closed 150 stores last year while laying off thousands of employees. According to Business Insider, the company now has 360 stores, a far cry from 1560 at its peak in 2017.
Source: one shipping