What there is to know
- News broke over the weekend that Bed Bath & Beyond had filed for bankruptcy, after efforts to redress its financial situation failed.
- The home goods company’s 360 namesake stores and 120 Buybuy Baby stores will remain open for the time being as they work to liquidate assets.
- But what does that mean for the loyal customers of this Union, New Jersey-based company?
NEW JERSEY – News broke over the weekend that Bed Bath & Beyond had filed for bankruptcy after efforts to redress its financial situation failed.
The home goods retailer has been warning of potential bankruptcy since early January, implementing store closures in a bid to avoid Chapter 11, but has now asked the courts for permission to sell its assets at auction.
The company’s 360 namesake stores and 120 Buybuy Baby stores will remain open for the time being as they work to liquidate assets.
But what does that mean for the loyal customers of this Union, New Jersey-based company?
Bed Bath & Beyond stores will begin closing sales from Wednesday. In total, there are three stores in Connecticut, 13 in New Jersey, and 20 in New York State (including four in New York).
For a list of Bed Bath & Beyond stores in the tri-state and their hours of operation, click here.
Meanwhile, one BABY store in Connecticut, eight in New Jersey and five in New York will begin closing sales.
For a list of buybuy BABY stores, click here.
Recently, at a popular Bed Bath & Beyond in New York City, a fired staff member told CNBC that workers were wondering what to do after the company suddenly halted pickup and deliveries to the store at that location.
The worker was told liquidators would arrive the next day and soon learned he would not receive any severance pay after more than two decades with the company.
“It was so quick,” the worker told CNBC.
Meanwhile, in the New Jersey towns of Secaucus, Port Reading and Union, Bed Bath & Beyond laid off more than 1,000 workers in late March and early April. These staggering layoffs took place just before a law came into force requiring companies with 50 or more workers to pay severance pay during mass layoffs.
Bed Bath & Beyond has posted Frequently Asked Questions to provide customers with information on the impact of filing for bankruptcy on customer programs and other policies. Below are some of the answers to frequently asked questions:
FREQUENTLY ASKED QUESTIONS
CAN YOU STILL MAKE IN-STORE PURCHASES? The Bed Bath & Beyond and buybuy BABY stores remain open and will continue to operate while the liquidation process unfolds.
WHEN DO STORE CLOSING SALES START? Store closing sales will begin on Wednesday, April 26.
CAN YOU STILL BUY ONLINE AND USE THE BED BATH & BEYOND/buybuy BABY APP? Yeah.
WILL AN ONLINE ORDER BE DELIVERED? At this point, all stock orders should be filled.
ARE SALES FINAL? WE ACCEPT RETURNS? Returns and exchanges of items purchased before April 26 will be accepted, according to the usual policies, until May 24. However, all purchases while the store is closed will be final.
CAN YOU STILL EARN AND USE WELCOME REWARDS? Customers can redeem welcome rewards until May 15. However, bounty scores are no longer awarded.
WILL GIFT CARDS BE ACCEPTED? Gift cards will be accepted until May 8.
WILL COUPONS BE ACCEPTED? Vouchers will no longer be accepted after April 26.
IS REGISTRATION STILL ACTIVE WITH BED BATH & BEYOND/buybuy BABY? Registration data is expected to remain secure as the company partners with an alternative platform to transfer data and perform registrations. Additional information will be available in the coming days.
FOR MORE INFORMATION : More FAQs can be found at https://restructuring.ra.kroll.com/bbby. Interested parties can email [email protected] or call (833) 570-5355 or (646) 440-4806 if calling from outside the United States or Canada.