Over the weekend came news that Bed Bath & Beyond filed for bankruptcy protection -- this after its efforts to turn around its financial standing failed.
The struggling home goods retailer has been warning of a potential bankruptcy since early January, rolling out store closures in an attempt to avoid Chapter 11, but now it has asked the courts for permission to auction its assets.
The company's 360 namesake stores and 120 buybuy Baby locations will remain open for the time being as it works to liquidate assets.
But what does this mean for loyal customers of this Union, New Jersey-headquartered company?
STORES
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Bed Bath & Beyond stores will begin closing sales starting on Wednesday. In total, there are three in Connecticut, 13 in New Jersey and 20 in New York state (four of these in New York City).
News
To see a list of tri-state Bed Bath & Beyond stores and their hours, click here.
Meanwhile, one Connecticut, eight New Jersey and five New York buybuy BABY stores will begin their closing sales.
To see a list of buybuy BABY stores, click here.
WORKERS
Recently, at a popular Bed Bath & Beyond in New York City, a since laid-off staffer told CNBC that workers were standing around not knowing what to do after the company suddenly cut off in-store pickup and deliveries at that location.
The worker was told liquidators would be coming the following day and soon learned they wouldn't receive severance after more than two decades with the company.
"It was just so fast," the worker told CNBC.
Meanwhile, in the New Jersey cities of Secaucus, Port Reading and Union, Bed Bath & Beyond laid off upwards of 1,000 workers in late March and early April. These staggering layoffs happened just before a law went into effect that requires companies with 50 or more workers to provide severance pay during mass layoffs.
Bed Bath & Beyond posted FAQs for information about the impact the bankruptcy filing has on customer programs and other policies. Below are some of the answers to frequently asked questions:
FAQs
CAN YOU STILL SHOP IN STORES? Bed Bath & Beyond and buybuy BABY stores remain open and will continue to operate as the liquidation process unfolds.
WHEN WILL STORE CLOSING SALES START? Store closing sales will start on Wednesday, April 26.
CAN YOU STILL SHOP ONLINE AND USE THE BED BATH & BEYOND/buybuy BABY APP? Yes.
WILL AN ORDER PLACED ONLINE BE DELIVERED? At this point, all in-stock orders are expected to be fulfilled.
WILL SALES BE FINAL? WILL RETURNS BE ACCEPTED? Returns and exchanges will be accepted for items purchased before April 26 -- as per usual policies -- until May 24. However, all purchases during store closing sales will be final.
CAN YOU STILL EARN AND REDEEM WELCOME REWARDS? Customers can redeem Welcome Rewards until May 15. However, Welcome Rewards are no longer being awarded.
WILL GIFT CARDS STILL BE ACCEPTED? Gift cards will be accepted through May 8.
WILL COUPONS STILL BE ACCEPTED? Coupons will not be accepted starting April 26.
WILL REGISTRIES WITH BED BATH & BEYOND/buybuy BABY REMAIN ACTIVE? Registry data is expected to remain safe as the company partners with an alternative platform to transfer data and complete registries. Additional information will be made available in coming days.
FOR ADDITIONAL INFORMATION: Additional Frequently Asked Questions can be found at https://restructuring.ra.kroll.com/bbby. Stakeholders can email BBBYInfo@ra.kroll.com or call at (833) 570-5355 or (646) 440-4806 if calling from outside the U.S. or Canada.
