YOU may have heard that the legendary Bed Bath & Beyond stores are closing.
Here you can find out everything you need to know about the planned closures of the wholesale market chain.
Why is Bed Bath & Beyond closing?
Bed Bath & Beyond has been a popular retail outlet since its inception in 1971.
But a massive $11.8 billion blunder ultimately led to its downfall.
The company filed for bankruptcy in April after spending $11.8 billion to buy back its own stock since 2004.
The cash-hungry company announced it would most likely close all of its stores unless it found a savior to buy it in the 11th hour.
The $11.8 billion that Bed Bath & Beyond has spent on its own stock since 2004 is more than double the $5.2 billion in debt the company declared in its most recent SEC filing at the time. had registration in his books.
This enormous debt burden proved destructive to the company, leaving it unable to purchase the inventory needed to generate sales to offset losses.
The company also suffered from shareholder pressure after active share buybacks increased in July 2014.
Bed Bath & Beyond took on $2 billion in debt to fund its share buybacks as the company faced increasing pressure from activist shareholders to improve the stock’s performance.
The company had little debt at the time, but this act resulted in the debt ultimately being unable to be repaid.
What time does Bed Bath & Beyond close all stores?
Bed Bath & Beyond announced it would also close its remaining 360 stores 120 Buybuy Baby Sites.
The chain also announced plans to close 149 stores across the US, and in January it was announced that 87 stores would close.
After the retail giant filed for bankruptcy, it said it expected all of its stores to close by the end of June.
Some stores will remain open in July – but the retailer said in previous statements to The US Sun the situation remained uncertain.
Can I still buy Bed Bath & Beyond products?
According to Bed Bah & Beyond’s website, customers can still purchase items from their Everything Must Go at 50 to 75 percent off.
Users can use the locator to find an open store near them, but are warned that gift cards, store credit, and rewards are no longer accepted.
Customers must go to the store to access the sale as there are no items for sale on the site.
“Bed Bath & Beyond and Buybuy BABY stores remain open for you,” they wrote.