BED Bath & Beyond is back, making a surprising turnaround in the wake of the company’s 2023 bankruptcy filing, even boasting a new look.
Shoppers flocking to the new, first-of-its-kind Bed Bath & Beyond Home store should be sure to bring along their old coupons to save some extra money.
Bed Bath & Beyond is making an impressive comeback in the wake of its Chapter 11 bankruptcy filing[/caption]
Bed Bath & Beyond, once a dominant force in home goods retail, saw the end of its decades-long brick-and-mortar presence in 2023 following its Chapter 11 bankruptcy.
At the time, the iconic chain closed down all of its stores, including 360 Bed Bath & Beyond locations and 120 buybuy BABY stores, and launched as an online-only retailer.
However, Bed Bath & Beyond is making a comeback in the world of physical retail, even flaunting a new brand name.
The first Bed Bath & Beyond Home store will host its grand opening Friday, August 8, in Nashville, Tennessee, under The Brand House Collective, a specialty retailer of home decor and furnishings formerly known as Kirkland’s.
Bed Bath & Beyond Home is not simply a continuation of the old Bed Bath & Beyond, but rather a reimagining of the iconic brand with a fresh business model and ownership structure.
The store opening is the first for The Brand House Collective under its new name.
“We’re proud to reintroduce one of retail’s most iconic names with the launch of Bed Bath & Beyond Home, beautifully reimagined for how families gather at home today,” said Amy Sullivan, CEO of The Brand House Collective, in a press release.
“This isn’t just a store, it’s a fresh start for a brand that means something special to so many families.
“With Bed Bath & Beyond Home we’re delivering on our mission to offer great brands, for any budget, in every room.
“It’s a powerful addition to our portfolio and a meaningful step forward in our transformation.”
In honor of Bed Bath & Beyond’s history, the chain is reviving one of its most “iconic traditions” to celebrate the grand opening in Nashville: the beloved Bed Bath & Beyond coupon.
Shoppers are encouraged to bring in their old Bed Bath & Beyond coupons, which the company will “gladly” accept.
“The coupon we all know and love is back and for those who need one, a fresh version will be waiting at the door,” says the press release.
Additionally, the first 25 guests at Friday’s grand opening who make a purchase will receive a free gift: The Beyond Bed, a premium 10-inch memory foam queen size mattress, with a retail value of $226.99.
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.
“Join us for a homecoming celebration where nostalgia meets fresh possibilities, and every customer becomes part of our exciting new chapter!” said the company.
TO THE BEYOND
Bed Bath & Beyond officially filed for Chapter 11 bankruptcy on April 23, 2023, in the wake of declining sales and mounting debt that spanned years, as well as and failed attempts at turnaround strategies.
A number of factors contributed to the chain’s downfall, including its difficulty competing with e-commerce companies like Amazon as well as consumers’ move away from the traditional big-box store experience.
Bed Bath & Beyond’s attempt to focus on private-label brands over popular national brands also took a hit to the company, as did the impact of the pandemic.
BRANDS HARD HIT BY BANKRUPTCIES
Many chains have struggled to adapt to a post-Covid retail landscape, with several companies filing for bankruptcy
JoAnn Fabrics and Crafts announced it would close all 800 stores after filing for bankruptcy twice in a year.
Hooters announced plans to file for Chapter 11 bankruptcy protection in February.
Liberated Brands announced that it would be closing all 122 retail locations for its boardsport fashion brands Quiksilver, Billabong, and Volcom.
Forever 21 shut down its headquarters after filing for bankruptcy and laying off 358 employees.
Macy’s announced major restructuring plans amid mass store closures.
After the company hosted liquidation sales at its remaining stores, its brand name and intellectual property was acquired by Overstock.com, which has rebranded its own online store to Beyond.
Beyond has now partnered with The Brand House Collective to open a series of small-format, “neighborhood” Bed Bath & Beyond Home stores.
These stores will be smaller than the original Bed Bath & Beyond locations, featuring a curated assortment of Bed Bath & Beyond and The Brand House Collective products such as home decor, furniture, and textiles.
Bed Bath & Beyond is not the only chain that is making a comeback.
A popular restaurant chain, for example, is making a triumphant return after filing for bankruptcy over two decades ago.
Plus, bankrupt Big Lots teased a massive comeback after nearly 1,000 locations were in jeopardy of closing.
Bed Bath & Beyond filed for bankruptcy in 2023 after years of slumping sales and accumulating debt[/caption]
