Based in Union, New Jersey, Bed Bath & Beyond has filed for Chapter 11 Bankruptcy which will close all 360 stores across the country. All of its remaining stores in New Jersey will also close, along with 120 Buy Buy Baby stores.
Financial reports show that sales have rapidly declined over the past year- around 40 to 50 percent.
“Thank you to all of our loyal customers. We have made the difficult decision to begin winding down our operations,” a statement said at the top of the company’s website.
Liquidation sales will begin this week, and the now-famous 20% off coupons will only be accepted through Wednesday, April 26th. Gift cards will be accepted through May 8th, with returns and exchanges available through May 24th.
The company secured a $240 million loan to help fund its operations during bankruptcy. In its bankruptcy filing, Bed Bath & Beyond said it had $5.2 billion in debt and assets of just $4.4 billion