Despite efforts to reorganize, Bed Bath & Beyond filed for bankruptcy April 23. The company said it will “wind down” its businesses in a press release.
The company plans to begin a liquidation sale, but also is hopeful to sell its assets and “pivot away from any store closings” as part of any possible transaction.
Two stores are still open in the Region, including at 124 U.S. Highway 41 in Schererville and 5802 Grape Road in Mishawaka, according to the company's website. The Valparaiso store at 91 Silhavy Road already was slated to close on a list released Feb. 7.
The company had initiated a plan to turn around sales at the beginning of the third quarter in 2022, but sales continued to decline by 33% compared to last year, according to third quarter fiscal results.
“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,” said Sue Gove, president and CEO of Bed Bath & Beyond Inc.
The company's 360 Bed Bath & Beyond stories and 120 buybuy Baby stories, along with their complementary websites, will remain open during the process that will eventually result in the closure of all stores, unless some assets are sold as part of Chapter 11 proceedings.
