Bed Bath & Beyond Warns Of Bankruptcy; Future Of 29 NJ Stores In Doubt

NEW JERSEY — Bed Bath & Beyond Redemption? New Jersey-based retailer Bed Bath & Beyond warned that a bankruptcy filing could be in its immediate future and that the home goods chain might not survive.

"The company continues to consider all strategic alternatives including restructuring or refinancing its debt, seeking additional debt or equity capital, reducing or delaying the company’s business activities and strategic initiatives, or selling assets, other strategic transactions and/or other measures, including obtaining relief under the U.S. Bankruptcy Code," a regulatory document filed on Thursday stated.

"These measures may not be successful."

Tens of thousands of jobs hang in the balance. Bed Bath & Beyond employed 32,000 people as of March — less than half of the company's workforce of 65,000 in 2018, according to Macrotrends data.

CNBC reported that Bed Bath & Beyond — headquartered in Union Township — is having trouble obtaining sufficient merchandise to fill its shelves and is drawing fewer customers to its stores and website. The retailer has 29 stores in the Garden State.

Bed Bath & Beyond originated in 1971 as a single store in New Jersey. It's known for its ubiquitous blue coupons offering large discounts on its products.

The company announced plans last August to close 150 of its roughly 900 stores and cut 20 percent of its workforce, but the business didn't say which locations may close. In mid-September, Bed Bath & Beyond identified 56 stores that would eventually shutter, including three in New Jersey:

• 34 E Ridgewood Ave., Paramus
• 30 International Drive, Suite 1, Flanders
• 13 Route 9 S, Manalapan

The aforementioned locations remain open as of Friday, according to Bed Bath & Beyond's website. Read more: 3 NJ Bed Bath & Beyond Stores Shuttering As Part Of Mass Closings