Bed Bath and Beyond: Final Sale and Bankruptcy

As I drove through the streets of Moscow, Idaho, this weekend, I saw a huge sign blinding my eyesight saying 90% off store closing, Bed Bath and Beyond. My heart sank a little bit as I used to be a former employee. I cried inside for my Amazing boss that ran the store that would soon be no more.  

Bed Bath and Beyond has entered Bankruptcy after losing shoppers, money, and employees. The store plans to start closing all 360 of the stores left and 120 BuyBuy Baby stores. Stores scramble to sell what’s left on the empty shelves, and shoppers pull out the 20% off coupons they have been saving for the last ten years.  

Bed Bath and Beyond started in 1971 in New Jersey and grew fast with their simple, cute designs filling the shelves. Even through the Great Recession, Bed Bath and Beyond still stood firm. In 2018 the store hit a peak of more than 1,500 stores. College kids and parents swamped my local store in Moscow every fall, searching for new dorm room decor and the best-heated blanket. 

So what went wrong? Many people think that Bed Bath and Beyond missed the digital cue. With Amazon and Target being online so soon, business started booming, while Bed Bath and Beyond was not online until a few years ago. The store was hit hard by Covid-19 and shut down many stores temporarily, while other competitors, such as Target, stayed open and had everything someone needed to make it through the pandemic. While other stores were selling out of toilet paper and hand soap, Bed Bath and Beyond was closed to the public.

“I actually think they were able to pull a genie out of a hat once or twice by staving off bankruptcy, but at the end of the day, it’s a broken model, and they had lost a lot of faith from not only investors but suppliers, which are arguably more important,” said Snyder, who has been a bankruptcy lawyer for 30 years.

“Secured creditors, they get creditor fatigue, and they’re not going to let them sit around and fund losses while they find a buyer because they tried to do that outside the bankruptcy,” he said.

52-year-old CEO of Bed Bath and Beyond, Gustavo Arnal, joined in 2020 and took his life in September 2022, days after the store announced that they were closing stores all over and laying off employees. Arnal previously worked as a CFO for the cosmetic brand Avon in London. A hard wake-up call for the corporate chiefs and a tragic reminder that status and money do not shield from emotional distress. 

With the many hardships the beloved store has faced, it might be time to close this chapter. A chapter we are all sad to see close, but one that is for the better.


Join Our Mailing List

    Recent Articles

    Tom Hanks addresses America’s future in Harvard speech: ‘Truth is sacred’

    Tom Hanks called on Harvard’s 2023 graduating class to defend truth in a powerful commencement address on Thursday. The Oscar winner, who received an honorary Doctor of Arts, joked he was receiving the degree “without having done a lick of work” other than playing a Harvard professor in “The Da Vinci Code” movies.

    The capital city, Jakarta, is sinking and the President wants to move it

    Forty percent of the Indonesian capital now lies below sea level; Jakarta is sinking. But the President, Joko Widodo, has expressed his plans to move it. Presently, the Indonesian government is actively engaged in the endeavor of relocating the nation’s capital from its current location to the captivating island of Borneo.

    Queen of Rock ‘n’ Roll, Tina Turner, dies at 83

    Tina Turner, known as the Queen of Rock ‘n’ Roll, has died after a long illness at her home in Zurich, Switzerland. She was 83 years old. Known for her heel stomping, wild hair, and powerful, gritty vocals, Turner sold out stadiums, earned a dozen Grammy awards, and won the hearts of fans around the world in a music career that spanned five decades.

    Hey! Are you enjoying NYCTastemakers? Make sure to join our mailing list for NYCTM and never miss the chance to read all of our articles!