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We talk a lot about shopping local, patronizing smaller, neighborhood-owned businesses. And this spring is the time to put those words into action, as bridal and baby shower gift behemoth Bed Bath & Beyond starts “winding down operations.”
The company, founded in 1971, announced April 23 that it filed for Chapter 11 bankruptcy and will begin closing its 360 Bed Bath & Beyond and Buy Buy Baby stores.
“The company intends to uphold its commitments to customers, employees, and partners, including continued payment of employee wages and benefits, maintaining customer programs, and honoring obligations to critical vendors,” a statement from Bed Bath & Beyond reads.
In our neighborhood, there is a Bed Bath & Beyond at 8005 Park Lane, in Caruth Plaza. There is also a Bed Bath & Beyond and Buy Buy Baby near the Galleria on Dallas Parkway.
And you have a small window of time to shop the big box before really committing to that shop local thing.
As these stores prepare to close, shoppers hoping to take advantage of sales and expiring big blue coupons should note upcoming dates of interest.
April 26 — closing sales with “deep discounts” begin, according to the company. Those take place in stores, online or through the Bed Bath & Beyond/buybuy BABY app. All purchases made after April 26 are final.
The company said they “expect” to accept returns and exchanges for items bought before April 26 up until May 24.
May 8 — the last day to use gift cards, but the company said it will stop accepting coupons on April 26.
May 15 — last day the company’s Welcome Rewards program will be in effect, customers will be able to redeem points and merchandise credits through this date. However, customers will not be awarded Welcome Rewards on any future purchases following the bankruptcy announcement.
Sue Gove, president and CEO of Bed Bath & Beyond Inc., expressed her gratitude for the company’s devoted customers in a statement Sunday.
“We deeply appreciate our associates, customers, partners and the communities we serve, and we remain steadfastly determined to serve them throughout this process. We will continue working diligently to maximize value for the benefit of all stakeholders,” she said.
The bankruptcy and closings come after a rough few years for the corporation, which included many store closures and layoffs.
We do not know yet what will replace the existing Bed Bath stores, however, the company’s real estate reportedly “is a precious, scarce resource for retailers.”
“A lot of great real estate is going to come available into a market where there’s been no vacancies,” Brandon Isner, the head of retail research at CBRE, a commercial real estate firm, tells CNN Business. “It will not take long for retailers to occupy those spaces.”
