![]() It was never able to use the health crisis to pivot to a successful online strategy as others had, analysts said. Tritton quickly reduced coupons and started to introduce store label brands at the expense of national labels, a strategy that proved disastrous for the retailer.Īnd the pandemic, which happened shortly after his arrival, forced the retailer to temporarily close its stores. In late 2019, Bed Bath & Beyond tapped Target executive Mark Tritton to take the helm and turn around sales. Meanwhile, online players like Wayfair have lured customers with affordable and trendy furniture and home décor. It was among the first to introduce shoppers to many of today’s household items like the air fryer or single-serve coffee maker, and its 15% to 20% coupons were ubiquitous.īut for the last decade or so, Bed Bath & Beyond struggled with weak sales, largely because of its messy assortments and lagging online strategy that made it hard to compete with the likes of Target and Walmart, both of which have spruced up their home departments with higher quality sheets and beddings. ![]() “It’s an institution in retailing, but unfortunately being an institution doesn’t protect you from financial woes.”įounded in 1971, Bed Bath & Beyond had for years enjoyed its status as a big box retailer that offered a vast selection of sheets, towels and gadgets unmatched by department store rivals. A lot of people have grown up with it, ” said Neil Saunders, managing director of GlobalData Retail. ![]() In a statement, the company, based in Union, New Jersey, said it voluntarily made the filing “to implement an orderly wind down of its businesses while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets.” The move comes after the company failed to secure funds to stay afloat. It listed estimated assets and liabilities in the range of $1 billion to $10 billion. In the bankruptcy filing, the retailer said it anticipates closing all of its stores by June 30.įor now, the company’s 360 Bed Bath & Beyond stores and its 120 Buy Buy Baby sites as well as its websites will remain open to serve customers. ![]() District Court in New Jersey and said it will start an orderly wind down of its operations, while seeking a buyer for all or some of its businesses. The beleaguered home goods chain made the filing Sunday in U.S. NEW YORK (AP) - Bed Bath & Beyond - one of the original big box retailers known for its seemingly endless offerings of sheets, towels and kitchen gadgets - filed for bankruptcy protection, following years of dismal sales and losses and numerous failed turnaround plans. ![]()
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