Bed Bath & Beyond Files For Bankruptcy; Bedford Store To Close
BEDFORD, NH - A retailer that opened a Bedford location in the past few years will now be holding going-out-of-business sales after the parent company declared bankruptcy.
Bed Bath & Beyond Inc. filed for Chapter 11 bankruptcy protection on Sunday after the home goods retailer failed to secure funds to stay afloat, and has begun a liquidation sale.
The retailer who sells items for the home became popular in the 1990s as a go-to shopping destination for couples making wedding registries and planning for new babies,
Companies with a larger online presence began to eat away at the sales of Bed Bath & Beyond’s brick-and-mortar stores. The chain also had the cost of constant advertising offering discount coupons to attract people to their stores.
Earlier this year the chain began to close some of its stores around the country including a newer location in Amherst, NH.
The company reported a loss of about $393 million after sales plunged 33% for the quarter ending Nov. 26.
The New Jersey-based retailer filed for bankruptcy in a District of New Jersey court, listing both its estimated liabilities in the range of $10 billion, according to a court filing.
Bed Bath & Beyond has five NH locations: Bedford, Concord, Nashua, Portsmouth, and Salem.
Customers who hold gift cards, or need to do returns will have a short period of time to use the cards and do the returns. Customers should check with their local store or online messages for exact details.
Liquidation of the items in the store and the fixtures is expected to start soon at all locations.