Bed Bath & Beyond is winding down its business, filing for chapter 11 bankruptcy after months of store closures and layoffs.
Earlier this year, the 52-year-old company announced it would close hundreds of stores, including dozens in New York and New Jersey, leaving its Chelsea store as its only Manhattan location (though the company's store locator page continues to reflect hours for four Manhattan locations, for the moment). The company had also already announced it would close its dozens of standalone Harmon stores, and began mass layoffs.
In its home state of New Jersey alone, Bed Bath & Beyond laid off more than 1,000 workers in late March and early April, shortly before a law that requires companies with 50 or more workers to pay severance during mass layoffs went into effect.
For months, the company has been trying to get infusions of cash through stock offerings, but came up far short of its goals. Now, it says it'll try to sell of some or all of its assets.
If it manages a successful sale, the company said in an announcement Sunday, it'll "pivot away from any store closings needed to implement a transaction." But for now, store closing sales start Wednesday.
Here's some of what that means for customers:
Online sales: Bed Bath & Beyond says customers can still shop online "at this time" as well as use the Bed Bath & Beyond/buybuy BABY app. It also says it expects all online orders that have been placed, but not yet received, to be delivered.
Returns: Anything purchased before Wednesday, April 26 can still be returned under the company's normal return policy, until May 24. But any sales after that will be final.
'Welcome Rewards,' credits, gift cards and coupons: Customers can use their Welcome Rewards until May 15, but new rewards won't be issued for purchases. The Welcome Rewards+ store credit card can still be used for now, too. Customers can use merchandise credits until May 15 and gift cards until May 5. But if you've got a stack of Bed Bath & Beyond coupons (who doesn't?), now's the time to use them — they won't be accepted after April 26.
Store memberships The company says it doesn't plan to issue refunds for membership cards, but their benefits will remain in effect through Wednesday.
Bed Bath & Beyond also said it plans "deep discounts" during the closing sales.
The company's store locator showed, as of Sunday, it continued to have hours at several New York and New Jersey locations, including some that had already been on closure lists. In Manhattan, there are stores in Tribecca, Chelsea, Kips Bay and Lincoln Square. Bed Bath & Beyond also still has hours at a store in Rego Park, one in Yonkers and multiple on Long Island and in New Jersey.
