WHITEHALL TWP., Pa. – Bed Bath & Beyond filed for bankruptcy protection Sunday, triggering a number of deadlines for customers as the company winds down operations.
The home goods chain made the bankruptcy filing Sunday in U.S. District Court in New Jersey. In the filing, it said it anticipates closing all of its stores by June 30.
“It's the death of an icon. A lot of people have grown up with it, ” Neil Saunders, managing director of GlobalData Retail, told the Associated Press. “It’s an institution in retailing, but unfortunately being an institution doesn’t protect you from financial woes.”
- Bed Bath & Beyond filed for bankruptcy Sunday
- The company plans to close all of its stores by the end of June
- Customers are facing deadlines to use coupons, gift cards and make returns and exchanges
Here’s how the bankruptcy will affect Lehigh Valley workers and customers:
How many Bed Bath & Beyond stores are in the area?
There are two store locations in the Lehigh Valley. One is in the Whitehall Mall on MacArthur Road in Whitehall. The other is at Southmont Plaza at Freemansburg Avenue and Route 33 in Bethlehem Township.
The company was known for stores that carried a large selection of sheets, towels and home gadgets and appliances. It was among the first to offer household items like the air fryer or single-serve coffee maker, and its 15% to 20% coupons were all pervasive, routinely landing in the mailboxes of millions of U.S. customers.
How many workers will lose their jobs?
For now, the company's 360 stores and its 120 Buy Buy Baby sites as well as its websites will remain open to serve customers until final closing dates are announced.
According to the AP, the closings put thousands of jobs at risk. The company employed 14,000 workers as of Sunday, according to the court filing. That’s down significantly from 32,000 in February 2022.
What should customers know?
If you have coupons or gift cards, use them now.
Bed Bath & Beyond said in the filing it expects to process returns and exchanges until May 24 for items purchased prior to Sunday.
The company also anticipates that gift cards, gift certificates and loyalty certificates will be accepted through May 8.
Bed Bath & Beyond will stop accepting coupons on Wednesday, April 26.
What other retailers have filed for bankruptcy lately?
Bed Bath & Beyond joins several other major retailers that have filed for bankruptcy so far this year, including Party City and David’s Bridal.
There are over 800 company-owned and franchised Party City stores across North America, including several in the Lehigh Valley – one at 2404 Catasauqua Road in Bethlehem in Shoppers Village and the other in the MacArthur Towne Centre in Whitehall. Both are expected to remain open, for now.
Based in Conshohocken, Pennsylvania, David’s Bridal has one Lehigh Valley store, also located in the MacArthur Towne Center.
In its bankruptcy filing, the company said it could eliminate more than 9,200 jobs across the country, which would be most of its workforce. However, it says stores will remain open and its fulfilling orders without delay.
