Payam Javan: After filing for reorganization under Chapter 11 of the federal bankruptcy laws, Bed Bath & Beyond will soon lose its status as a longtime retail mainstay for millions of Americans.
According to CNN, the company’s bankruptcy filing stated that it had $5.2 billion in debt and $4.4 billion in assets. In a press release, the company stated that it had been successful in obtaining enough funding to close its stores and end operations. The closing of the store was not specified.
According to CNN, customers who have the company’s 20 percent off coupons may use them on Sunday, Monday, and Tuesday.
But starting on Wednesday, the popular coupons won’t be accepted. Instead, Bed Bath & Beyond will hold a major closing-out sale and provide significant savings. In a press release, the firm stated that in addition to trying to sell any unsold assets, it will also try to sell its remaining inventory.