![]() Alvarez & Marsal has been appointed as a monitor of the business in the Canadian court case. The Canadian division, which operates 54 Bed Bath & Beyond stores and 11 buybuy BABY stores, is insolvent, the filing posted on the website of consultancy Alvarez & Marsal showed. Penney – filed for bankruptcy during the pandemic.Bed Bath & Beyond's Canadian operations are going out of business, according to a court filing on Friday, two days after the retailer quickly raised cash to stave off a U.S. Both David’s Bridal and Party City have also filed for bankruptcy this year. 25, AP reported.īed Bath & Beyond is not alone. The company had seen a 40-50% reduction in sales at some stores for the quarter that ended Feb. ![]() Near the end of March, the company sold around $300 million in shares to try to avoid bankruptcy. Leadership had also warned of a potential bankruptcy filing over the last few months, and its share price has tumbled. The Associated Press reported that the company has a list of estimated assets and liabilities totaling between $1 billion and $10 billion. Why is the company declaring bankruptcy?īed Bath & Beyond tried several things – including the closures of hundreds of stores – to try to build up enough money to stay in business. More than 100,000 Louisiana workers quit their jobs in January and February 2023Ĭustomers can also continue to buy via the website or the store’s app. The stores will remain open as the company navigates the closure process. The store closing sales will begin April 26, the company said on its website. The company did say that it is looking for a buyer to buy some or all of the stores as well. Locations in Alexandria, Shreveport, Houma, Lake Charles, Monroe and Bossier City had already been on the chopping block in previous rounds of closures dating back to September 2022. According to the Bed Bath & Beyond website, the company still has stores in Alexandria, Baton Rouge, Denham Springs, Lafayette and Metairie. ![]() Yes, all of the companies remaining 350 Bed Bath & Beyond stores will be closing. Here’s what we know: Are all Louisiana stores closing? We will continue working diligently to maximize value for the benefit of all stakeholders." We deeply appreciate our associates, customers, partners, and the communities we serve, and we remain steadfastly determined to serve them throughout this process. Our teams have worked with incredible purpose to support and strengthen our beloved banners, Bed Bath & Beyond and buybuy BABY. "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, the president and CEO of Bed Bath & Beyond Inc., in a release. Could Louisiana finally be getting a store? The announcement that the remaining 350 Bed Bath & Beyond stores – in addition to around 120 buybuy BABY stores – would be closing came after the brands had seen a steep decline in recent years, and has been strategically closing hundreds of locations to help bounce back. Louisiana’s five remaining Bed Bath & Beyond stores will be closing after the company filed for bankruptcy, it announced Sunday, along with the hundreds of other locations nationwide. Watch Video: AP Top Stories April 24 A.M.
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