Bed Bath & Beyond has filed for Chapter 11 bankruptcy, putting as many as 30,000 jobs in jeopardy, according to CNBC. The home goods retailer’s bankruptcy filing follows unsuccessful attempts to secure sufficient funds to keep the business running, ultimately leading to the closure of all 360 stores across the nation.
The company first faced warnings of potential bankruptcy in early January after issuing “a going concern” notice, indicating that it might struggle to cover expenses due to lackluster holiday season sales. Bed Bath & Beyond’s bankruptcy filing took place in a District of New Jersey court.
As of last Friday, April 21, shares of Bed Bath & Beyond closed at 29 cents, a sharp decline from around $20 per share in April 2022. The company’s market value is reported to be $136.9 million, with stock down approximately 88% in 2023. Its 360 Bed Bath & Beyond stores and 120 Buybuy Baby locations will temporarily stay open as the retailer begins the process of shutting down and liquidating assets.
CEO Sue Gove expressed her appreciation for the customers who have trusted the company through significant life events, including college, marriage, and parenthood, as well as the employees who have worked hard to support Bed Bath & Beyond and Buybuy Baby.
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