Chapter 11 for Bed Bath & Beyond
Home goods retailer Bed Bath & Beyond filed for Chapter 11 protection yesterday and announced a liquidation sale after attempts to keep the company afloat failed.
As of last night, the company’s website reads: “Thank you to all of our loyal customers. We have made the difficult decision to begin winding down our operations. Bed Bath & Beyond and buybuy BABY stores remain open to serve you.” In a press release, the company said that it had secured $240M in debt from capital firm Sixth Street which will allow it to continue operations during the wind-down process. Store closing sales are reportedly slated to begin Wednesday, along with the closure of some locations.
Bed Bath & Beyond rose in popularity in the 1990s as a retail shopping destination but has seen demand drop off in recent years due to unsuccessful attempts to sell more store-branded products and the increased popularity of online shopping on marketplaces such as Amazon.
On April 24th: The U.S. Library of Congress is officially founded (1800); Spain declares war on the United States (1898); streaming music services overtake worldwide sales of CDs and vinyl for the first time (2018); actress and singer Barbra Streisand is born (1942).