On Sunday, Bed Bath & Beyond, the retailer that sold almost everything for your home in the 1990s and 2000s, declared bankruptcy. “We appreciate all of our devoted consumers. A statement at the top of the company’s website read: “We have made the difficult decision to start winding down our operations,” on Sunday morning.
Details of the Decision
The 360 Bed Bath & Beyond locations, 120 Buy BABY stores, and websites of the company will continue to be accessible for the time being. The business obtained a $240 million loan to aid in financing its operations throughout bankruptcy. However, Bed Bath & Beyond will close some of its shops, and store closing deals will start on Wednesday. What happens next will determine how many people work there or what will happen to its 14,000 employees.
A corporation may not always go out of business as a result of filing for bankruptcy. Many large US corporations have declared bankruptcy in an effort to get rid of debt and other expenses that they could no longer pay. However, even if Bed Bath & Beyond manages to come out of bankruptcy, its survival is not assured. The business said that it would look to sell part or all of its operations. Bed Bath Beyond will cease shop closings if it can find a buyer. However, Bed Bath & Beyond will probably be completely liquidated and closed down if no bidder steps forward.
Bed Bath & Beyond to shut 360 stores amid being Bankrupt
A Category Killer!
According to Neil Saunders, an analyst at GlobalData Retail, it’s also conceivable that the business may emerge from bankruptcy as an online-only shop. In the end, “Bed Bath & Beyond will be a shadow of its former self, if it emerges from bankruptcy at all,” he claimed.
Bed Bath & Beyond was a shining example of the so-called “category killers” era, which included companies like Toys “R” Us, Circuit City, and Sports Authority. As consumers shifted their shopping habits away from large specialty stores and towards online alternatives like Amazon, those businesses, too, eventually declared bankruptcy.
