The retail industry is struggling with store closures and job losses. Bed Bath & Beyond alerted investors in January that it expected to incur a net loss of hundreds of millions of dollars. The company later declared that it would shut down all of its home goods and Buy Buy Baby stores.
On April 23, Bed Bath & Beyond filed for Chapter 11 bankruptcy protection, and announced the closure of all of its stores, including its subsidiary Buy Buy Baby stores. The Washington Post stated that Buy Buy Baby’s 120 locations throughout the United States have traditionally been popular with parents as they offer essential baby products. As a result, there is a possibility that a buyer may be located.
The retail industry is experiencing significant store closures and layoffs. Bed Bath & Beyond purchased Buy Buy Baby in 2007 and announced in January that it would close all home goods and baby stores.
On April 23, Bed Bath & Beyond filed for Chapter 11 bankruptcy protection and announced the liquidation of its business, including Buy Buy Baby stores. The baby retailer operates 120 stores across the US. While the stores will remain open for now, liquidation sales began on April 26, and thousands of workers are set to lose their jobs.
According to Ted Gavin, founder of the restructuring firm Gavin/Solmonese, the New Jersey-based retailer had been in a “late-stage decline for a while.” Other companies, including David’s Bridal, Gap, Walmart, Nordstrom, J. Crew, Amazon, and Wayfair, are also struggling and cutting jobs.
The retail industry has been hit hard by inflation and other market challenges as Americans hold onto their money to recover from the recent upheaval. Bed Bath & Beyond and Buy Buy Baby are no longer accepting coupons, and gift cards will be valid until May 8.