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International News:Bed Bath and Beyond files for bankruptcy after a year of store closures and job cuts

Posted: Wednesday, April 26, 2023. 1:03 pm CST.

By Zoila Palma Gonzalez: Today, Bed Bath and Beyond began their closing sale after the popular company filed for bankruptcy on Sunday.

According to CNN, the company issued an announcement thanking customers and said it is now winding down operations.

For now, the company’s 360 stores along with the 120 buybuy BABY stores remain open after it secured a $240 million loan to help fund its operations during bankruptcy.

An estimated 14,000 employees are in limbo depending on what happens next.

This is because bankruptcy filings usually means that a company is going out of business; however, many major companies file for bankruptcy using it to shed debt.

And, even if the company emerges from bankruptcy, its future is not guaranteed.

The company noted that it is seeking to sell some or all of the business and would halt store closings if it is able to.

If there is no buyer, then, Bed Bath & Beyond will likely be liquidated entirely and go out of business.

The chain Bed Bath and Beyond was known to dominate the category of retail stores known for pots and pans, towels and bedding.

As a result of its going-out-of-business sale, the company is offering huge discounts on the products.

 

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