After warning of possible bankruptcy in January, home goods retail giant Bed Bath & Beyond has filed for Chapter 11 protection, reports NPR. This follows steady declines in both customers and profits. Despite taking numerous measures such as closing stores, cutting jobs, and securing bank and investor loans to keep the company afloat, Bed Bath & Beyond's turnaround efforts fell short. CNBC cites a Sunday morning announcement that says the company "filed voluntary petitions for relief under Chapter 11" in order "to implement an orderly wind down of its businesses while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets."
The announcement also noted that "360 Bed Bath & Beyond and 120 buybuy BABY stores and websites will remain open and continue serving customers" during the bankruptcy process. Bed Bath & Beyond attempted to raise $300 million with new stock offerings in March, but fell short. Last week, the company experienced what the Street and other outlets termed a brief "meme stock" rally, when shares boomed on April 18.
According to the Street, the rally was likely due to "a high influx of trading volume among Reddit-oriented investors," as "Bed Bath & Beyond shares are a favorite among traders and retail investors using the site." CNBC notes that the company's demise was in part pandemic-related. After a nesting boom during 2020 and 2021, consumers began to get out more and budget for entertainment away from home, deflating the home-oriented retailer's business model. (More Bed Bath & Beyond stories.)
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