Bed Bath & Beyond, a former retail mainstay for millions of Americans, has filed for reorganization under Chapter 11 of the federal bankruptcy laws.
According to CNN, the corporation declared bankruptcy with $4.4 billion in assets and $5.2 billion in debt.
The company declared in a press release that it had secured sufficient financing to close its stores and cease operations. There is no set expiration date for store operations.
According to CNN, customers who have the company’s 20% discount coupons can use them on Sunday, Monday, and Tuesday.
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The legendary vouchers, however, will no longer be accepted as of Wednesday. Instead, Bed Bath & Beyond will hold a massive going-out-of-business sale with deep discounts.
According to the company’s statement, when it sells off its inventory, it will also try to sell any residual assets that anyone wants to buy.
According to the company, all 360 Bed Bath & Beyond and 120 buy buy BABY shops, as well as their respective websites, will remain open for business for the time being.
Bed Bath & Beyond has been struggling since the outbreak and has been on the verge of bankruptcy for the past year.
CNN said that it had planned major store closings in order to focus on stories that made money.
“We are going to see the Darwinism of retail,” Michael Lasser, a retail analyst at investment firm UBS who has covered Bed Bath & Beyond for 16 years, said according to The New York Times.
He said the coming year “will be characterized, in part, by seeing that play out after this period of what would have been a pause in the Darwinism.”
According to Neil Saunders, managing director of GlobalData’s retail group, the file demonstrates the difficulty of recovering after a cash shortfall causes a loss of inventory and sales.
“It’s a death spiral,” he said.
“If you can’t get the stock, you can’t make the sales. If you can’t make the sales, your credit deteriorates. If your credit deteriorates, people are less willing to supply you. That cycle seems impossible to break,” Saunders explained.
According to CNN, retail sector bankruptcies are on the rise.
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The source noted recent filings by Party City, Tuesday Morning, Serta Simmons, a mattress manufacturer, and Independent Pet Partners, a pet store retailer.
David’s Bridal, a nationwide bridal gown business, is another significant name in that retail sector that just filed for Chapter 11 restructuring.
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