The retailer told customers it would stop accepting coupons and membership discounts on April 26.
When she got the email announcing the bankruptcy, long-time customer Rebecca Day had one question: “What time does it open?” Day arrived at one of the chain’s sprawling Manhattan stores just after 10 a.m., determined to use the last $60 in her account.
Liz Hecht, 23, learned of the planned liquidation from her mother, who called her to break the news. Hecht remembers her mom stacking the company’s famous 20% discount coupons and going dorm shopping in the vast aisles.In a Jan. 8 earnings call with analysts, Bed Bath & Beyond officials said they still plan to close 60 stores across all of its brand concepts. Four Southland locations have already closed.
“Defying all expectations over the past four months, Bed Bath & Beyond secured credit agreement waivers and amendments and was able to access the equity markets in February and March in a last-ditch effort to avoid bankruptcy,” Etlin said in a sworn statement. The demise of Bed Bath & Beyond, which was founded in 1971 and grew into one of the country’s largest big-box chains, is not, as some pundits have insisted, an example of the inevitable decline of brick-and-mortar retailers that struggle to compete against Amazon.com Inc. Instead, Bed Bath & Beyond is largely responsible for its own undoing, according to suppliers, analysts and former managers and employees.
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