Bed Bath & Beyond Files For Bankruptcy: GA Closing Sales To Start

GEORGIA — Home furnishings giant Bed Bath & Beyond filed for bankruptcy Sunday and is set to begin the process this week of closing its stores.

“Thank you to all of our loyal customers,” the retailer’s website said. “We have made the difficult decision to begin winding down our operations.”

The New Jersey-based company filed for Chapter 11 bankruptcy and listed its estimated assets and liabilities at up to $10 billion. So far this year, party supplies chain Party City and David's Bridal have been among the retailers that have filed for Chapter 11.

The firm said its 360 Bed Bath & Beyond and 120 Buy Buy Baby stores and websites will remain open and continue serving customers as it "begins its efforts to effectuate the closure of its retail locations." Closing sales were set to start Wednesday, at which point coupons will no longer be accepted. Rewards, gift cards, merchandise credits and certain returns will be accepted through various points in May.

"Millions of customers have trusted us through the most important milestones in their lives — from going to college to getting married, settling into a new home to having a baby," President and CEO Sue Gove said in a company news release announcing the bankruptcy filing.

"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."

Bed, Bath & Beyond has 17 locations and four Buy Buy Baby stores across Georgia. Some locations are closed this week and are set to open next week. See the list of hours of operation for each location here.

Despite its plans for liquidation, the company intends to use the bankruptcy proceedings for the sale of some or all assets, filing motions to market Bed Bath & Beyond and Buy Buy Baby for auction.

"In the event of a successful sale, the company will pivot away from any store closings needed to implement a transaction," the news release said. "The company believes this dual-path process will best maximize value."

The retailer said it secured a commitment of roughly $240 million in financing from Sixth Street Specialty Lending Inc. to allow it to keep operating during the bankruptcy process.

The filing comes as the economy is weakening and shoppers are tightening their purse strings. The company announced in August it would close about 150 of its namesake stores and slash its workforce by 20 percent.

Bed Bath & Beyond warned Jan. 5 that it was considering various options including filing for bankruptcy and said that there was "substantial doubt" that it could stay in business.

In late March, it noted that preliminary results showed anywhere from a 40 percent to 50 percent decline in sales at stores opened at least a year for the quarter that ended Feb. 25.

For more information about the bankruptcy filing, visit restructuring.ra.kroll.com/bbby.

Georgia Bed, Bath & Beyond locations are as follows:

• 6050 N. Point Pkwy. in Alpahretta
• 1791 Oconee Connector, Suite 350, in Athens
• 1235 Caroline Street NE, Atlanta
• 2955 Cobb Pkwy., Suite 110, Atlanta
• 221 Robert C. Daniel Jr. Pkwy., Augusta
• 197 Golden Isles Plaza, Brunswick
• 1705 Mall of Georgia Blvd., Suite 4, Buford
• 1810 Cumming Hwy., Canton
• 5555 Whittlesey Blvd., Columbus
• 1545 Marketplace Blvd., Cumming
• 3675 Satellite Blvd., Duluth
• 1025 Dawsonville Hwy., Gainesville
• 840 Ernest W. Barrett Pwy. NW, Kennesaw
• 1898 Jonesboro Road, McDonough
• 1245 N. Peachtree Pwy., Peachtree City
• 7400 Abercorn St., Savannah
• 3060 Watson Blvd., Warner Robins

Georgia Buy Buy Baby locations are as follows:

• 2555 Cobb Pl. Ln. NW, Kennesaw
• 7121 N. Point Pkwy., Alpharetta
• 1670 Scenic Hwy. N., Suite #124, Snellville
• 242 Robert C. Daniels Jr. Pkwy., Augusta