Bed Bath & Beyond is a home goods retailer that has been struggling in recent years due to increased competition from online retailers like Amazon and changing consumer preferences. The COVID-19 pandemic also had a significant impact on the company’s sales, as many of its stores were forced to close temporarily or operate at reduced capacity.
On October 1, 2020, Bed Bath & Beyond announced that it would be closing 63 of its stores by the end of the year, as part of a larger restructuring plan to streamline its operations and cut costs. This was followed by the news that the company had filed for Chapter 11 bankruptcy protection in December 2020.
In January 2021, Bed Bath & Beyond announced that it would be closing an additional 43 stores, bringing the total number of closures to over 100. The company also said that it would be focusing more on its online sales and investing in its e-commerce platform. As for the recent news of the company planning to close all of its retail stores, I don’t have any specific information beyond what you’ve mentioned in your question. However, it’s worth noting that this would be a significant development for the company and its employees, as well as for the broader retail industry.
In the bankruptcy filing, Bed Bath & Beyond listed assets of $7.5 billion and liabilities of $7.3 billion. The company said it had secured $1.75 billion in debtor-in-possession financing to support its operations during the bankruptcy process.
As part of its restructuring plan, Bed Bath & Beyond said it would be closing around 200 of its retail stores over the next two years. The company had already closed around 40 stores in 2020 before the bankruptcy filing.
Bed Bath & Beyond said it would be focusing more on its digital sales channels and investing in its e-commerce platform. The company has been working to improve its online offerings and expand its buy-online, pick-up-in-store (BOPIS) capabilities.
The company also plans to introduce new private-label brands and expand its range of products in areas such as bedding, kitchen, and home décor.
Bed Bath & Beyond has faced increased competition from online retailers such as Amazon, as well as from other brick-and-mortar stores such as Target and Walmart. The COVID-19 pandemic has accelerated the shift to online shopping and has also hurt sales at physical stores due to temporary closures and reduced foot traffic.
The company’s stock price has been volatile in recent years, and has declined significantly since its peak in 2015. The bankruptcy filing and store closures are part of an effort to turn the company around and position it for future growth.