April 24, 2023 – Bed Bath & Beyond

Over the weekend, it was announced that Bed Bath & Beyond filed for Chapter 11 bankruptcy and would be closing all remaining stores. The store was started by 2 former retail managers in 1971. The first store opened in Springfield, NJ as Bed ‘n Bath. By 1985, there were 17 stores across the New York metropolitan area and California. That year they also opened their first superstore, which featured a huge array of brands and products. To reflect the size increase, the company changed its name to Bed Bath & Beyond in 1987. They were the first store to offer free delivery to customers if something was out of stock. And, unlike most other retailers, local managers were allowed to choose what was sold in their stores to cater to the particular tastes of shoppers in their area. Bed Bath & Beyond started sending out their ubiquitous oversized coupons in the late 1990s. At one point, the company was sending out a billion pieces of mail a year! Unfortunately, Bed Bath & Beyond was slow to make the transition to e-commerce, which slowed sales. They were also hit hard during the pandemic, closing their stores while their competitors (like Target and Walmart) remained open. Despite corporate shakeups and restructuring in recent years, it just wasn’t enough. Stores will stop accepting coupons this Wednesday, and you have until May 8 to use up any gift cards. Learn more here.