The beleaguered home goods chain made the filing Sunday in U.S. District Court in New Jersey and said it will start an orderly wind down of its operations, while seeking a buyer for all or some of its businesses. In the bankruptcy filing, the retailer said it anticipates closing all of its stores by June 30.
The store closings will put thousands of jobs at risk. The company employed 14,000 workers, according to the court filing. That's drastically down from the 32,000 as of February 2022. 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.
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. Bed Bath & Beyond joins a growing list of retailers that have filed for bankruptcy so far this year including party supplies chain Party City and David’s Bridal. The bankruptcy could offer a window of what's to come in the retail industry, given the changing landscape and the increasing challenges in the U.S. economy.
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