“Thank you to all of our loyal customers. We have made the difficult decision to begin winding down our operations,” a statement at the top of the company’s website said Sunday morning. The company’s 360 Bed Bath & Beyond locations, along with its 120 buybuy BABY stores, will remain open for now, as will websites. The company secured a $240 million loan to help fund its operations during bankruptcy.
“We had witnessed the department store shakeout and knew that specialty stores were going to be the next wave of retailing,” Feinstein said in 1993. “It was the beginning of the designer approach to linens and housewares and we saw a real window of opportunity.” By 2000, those figures leapt to 241 stores and $1.1 billion in annual sales. The 1,000th Bed Bath & Beyond store opened in 2009, when the chain had reached $7.8 billion in annual sales. The company was something of an iconoclast.
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Bed Bath & Beyond files for bankruptcy | CNN BusinessBed Bath & Beyond files for bankruptcy. It caps a long deterioration for a retailer that didn't keep up with shifts in shopping trends.
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