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BED Bath & Beyond has broken its silence after pleas from customers for it to return.
The popular retailer notably filed for Chapter 11 bankruptcy in April 2023.
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Since 2004, Bed Bath & Beyond spent about $11.8 billion to buy back its shares but was left with considerable debts doing so, among other moves that left it unable to recover.
The insurmountable debt, along with high inflation rates, rising interest costs, and supply chain interruptions during the coronavirus pandemic in 2020, was cited as some of the reasons Bed Bath & Beyond finally reached for a Chapter 11 filing, according to The Wall Street Journal.
Over several months and liquidation sales, Bed Bath & Beyond began closing its remaining 360 brick-and-mortar stores for good, along with its 120 buybuy Baby locations.
Bed Bath & Beyond’s name, domain, and loyalty program were bought during the bankruptcy proceedings by Overstock for $21.5 million.
Read More on Store Closures
After the purchase of Bed Bath & Beyond, Overstock became Beyond Inc, with several retailers under its banner, including Zulily and Backyard.
Now, Beyond Inc. will seemingly be bringing back a “Bed Bath & Beyond branded assortment” for customers, per a September 10 press release.
It’s all thanks to a new global licensing program, which will help the company sell “Bed Bath & Beyond branded textile goods through other retailers, including mass market, off-price, and online marketplaces.”
Beyond Inc said it would also be working on licensing agreements for Bed Bath & Beyond stores in Mexico and other international markets.
FRESH PRODUCTS
While Americans might not see any Bed Bath & Beyond brick-and-mortar locations, they can still take advantage of the branded assortment through online sources and other physical stores.
The upcoming products will be from Bed Bath & Beyond’s “four core pillars: the bedroom, the bathroom, the kitchen, and the patio,” according to the release.
It’s unclear when exactly customers will be able to get their hands on the items.
Marcus Lemonis, executive chairman of Beyond Inc, stressed that the Bed Bath & Beyond assortment would be “affordable” for customers.
“We’re thrilled to bring the beloved Bed Bath & Beyond brand back to life in this new and exciting way,” Lemonis said in the release.
“Through affordable, quality goods that will soon be on retail shelves — both physical and online — we’re reinvigorating the brand and returning to its core.”
How does bankruptcy work?
Bankruptcy is a specific legal process that helps companies eliminate debt they can’t repay.
The process allows businesses to start fresh and gain access to new credit.
Supervised by federal courts, bankruptcies allow a company to sell off its assets more easily to pay off creditors, according to Investopedia.
Chapter 11, a common process for companies, is used to restructure a business with the goal of remaining open – even if it means selling off most of the company’s properties.
Chapter 7, on the other hand, sells all of a company’s assets, putting it out of business.
Chapter 15, alternatively, allows for collaboration between American and foreign courts to conduct bankruptcy proceedings with “parties of interest involving more than one country,” per the United States Courts.
“The Bed Bath & Beyond brand is both aspirational and attainable, and our brand will continue to reflect these values,” he added.
BRING IT BACK
The news is music to the ears of some customers, as they begged for the Bed Bath & Beyond brand to return once more.
“Bed Bath & Beyond is coming back from the retail death kind of,” a customer wrote in a post on Facebook about Beyond Inc’s update.
“I’ll believe it when I see it,” a skeptical shopper added.
“I miss this store!!” exclaimed another.
“Make it like the 90s and 2000s,” another demanded.
Other prominent retailers have also filed for bankruptcy this year.
Big Lots filed for Chapter 11 after several weeks of rumors, with plans to close 545 stores.
LL Flooring also submitted its bankruptcy filing in August and will close about half of its over 400 locations and change its name.
