Bed Bath & Beyond

Bed Bath & Beyond Inc. is an American big box store specializing in home textiles, housewares, decorative home accessories and specialty items. The chain operates stores in the United States and Mexico, having closed all remaining stores in Canada in April 2023.[4][5] The company is headquartered in Union, New Jersey. It was counted among the Fortune 500 and the Forbes Global 2000.[6][7]

"Bed, Bath & Beyond" redirects here. For the Will & Grace episode, see Bed, Bath & Beyond (Will & Grace).

Bed Bath & Beyond Inc.
FormerlyBed 'n Bath (1971–1987)
TypePublic company
IndustryRetail
Founded1971 (1971)
Springfield, New Jersey, U.S.
Founders
  • Warren Eisenberg
  • Leonard Feinstein
DefunctJune 30, 2023
FateUnited States:
Chapter 11 bankruptcy Liquidation
Canada:
Liquidated
Headquarters
Union, New Jersey
,
U.S.
Number of locations
360 (April 2023)
Areas served
  • United States
  • Mexico
  • Canada
  • Puerto Rico
Key people
  • Harriet Edelman (Chair)
  • Sue Gove (CEO)[1]
ProductsBedding, bath, home furnishings, decor, housewares, kitchen appliances, and curtains
RevenueDecrease US$7.87 billion (2022)
Decrease US$-408 million (2022)
Decrease US$-560 million (2022)
Total assetsDecrease US$5.13 billion (2022)
Total equityDecrease US$174 million (2022)
Number of employees
14,000[2] (April 24, 2023)
SubsidiariesBuy Buy Baby
Websitebedbathandbeyond.com
Footnotes / references
Financials as of February 26, 2022.[3]
Bed Bath & Beyond in Markham, Ontario, in August 2018. This location was among the last stores in Canada, closing in April 2023.

On April 23, 2023, the company filed for Chapter 11 bankruptcy, and announced that it would be winding down its operations after several failed attempts to turn around the company.[8][9] All remaining Bed Bath & Beyond stores, as well as all locations of subsidiary Buy Buy Baby, are currently holding liquidation sales, and will close by June 30, 2023.[10][11]

History

Warren Eisenberg and Leonard Feinstein worked in management positions at discount store chain Arlan's. As the company suffered financial difficulties, and the two believed that the market would shift toward specialty stores, they decided to leave and form their own company.[12] In 1971, they opened a store in Springfield, New Jersey, called Bed 'n Bath. By 1985, Eisenberg and Feinstein were operating 17 stores in the New York metropolitan area and California. Also in 1985, the first superstore was opened, as an attempt to remain competitive with Linens 'n Things, Pacific Linen, and Luxury Linens. In order to properly represent the size increase in its retail stores, the company changed its name to Bed Bath & Beyond in 1987. The company adopted integrated computer-based inventory management systems in 1993 to better compete with Linens ‘n Things, which had utilized computer inventory management since the late 1980s.[13]

By 1991, Bed Bath & Beyond had opened seven new superstores in New Jersey, California, Virginia, Illinois, Maryland, and Florida. By 2011, Bed Bath & Beyond had 1,142 stores.[14]

The company went public in June 1992, making its IPO on the NASDAQ stock exchange, where its stock continues to trade under the ticker symbol BBBY.[15] Bed Bath & Beyond first reached $1 billion in annual sales in 1999.[13]

In March 2019, three activist investment firms—Legion Partners, Macellum Advisors, and Ancora Advisors—announced their intent to remove current CEO Steven Temares and restructure Bed Bath & Beyond's current board of directors.[16] The activist investors highlighted several instances of perceived nepotism, including the acquisition of Buy Buy Baby, which was founded by two of Bed Bath & Beyond co-founder Leonard Feinstein's children, and the acquisition of Chef Central, which was created by co-founder Warren Eisenberg's son, as examples of poor business practices at Bed Bath & Beyond.[17] This pressure led five independent directors to step down on April 22, 2019, and also resulted in the company restructuring its board to include only 10 directors instead of the previous 12 members.[18]

On April 13, 2019, there was a report that the chain would close 40 stores but open 15 new locations.[4]

On May 13, 2019, Bed Bath & Beyond announced that CEO Steven Temares would step down "effectively immediately" and would resign his seat on the board of directors. Mary Winston, who had been appointed to the company's board as a result of the activist investment firms' efforts, replaced Temares as interim CEO.[19][20] On November 4, 2019, Mark Tritton, who was previously Target's chief merchandising officer, started as Bed Bath & Beyond's CEO.[21]

The company, which had for decades used coupon mailers and other promotional discounting tactics to attract consumers, announced in April 2019 that it would reduce its use of promotional coupons and tighten restrictions on their use. To combat declining profitability, Bed Bath & Beyond also announced it was creating private label brands and opening "lab stores" that focused on home decor, food and drink, and health and beauty products.[22]

As of 2019, Bed Bath & Beyond operated approximately 1,530 stores in all 50 U.S. states, as well as in the District of Columbia, Puerto Rico, and Canada. In addition to more than 1,020 Bed Bath & Beyond stores, the company also operated approximately 280 Cost Plus World Markets, 100 Buy Buy Baby stores, roughly 80 Christmas Tree Shops (and related brands), and more than 50 Harmon stores.[23]

In 2020, Bed Bath & Beyond had officially sold off One Kings Lane to CSC Generation and Linen Holdings to The Linen Group.

Bed Bath & Beyond announced in January 2021 that they would stop selling MyPillow, citing poor sales.[24] The announcement came in the wake of the January 6 United States Capitol attack and MyPillow CEO Mike Lindell's conspiracy theories and efforts to overturn the 2020 presidential election, and amidst similar announcements by Kohl's and Wayfair.[25]

Decline

Due to the COVID-19 pandemic, the company announced in 2020 that it would close more than 200 stores, about 21% of their fleet, over two years.[26] 63 closings were announced that September,[27] followed by another 43 in January 2021.[28]

In October 2020, Bed Bath & Beyond announced plans to sell the 80-store Christmas Tree Shops chain, along with its Massachusetts distribution center, to Handil Holdings LLC.[29] The acquisition was finalized the following month. In December 2020, they also announced plans to sell off Cost Plus World Market to Front Burner LP; the sale was later finalized in February 2021.[30]

In January 2022, Bed Bath & Beyond announced plans to close 37 more locations.[31]

In March 2022, Ryan Cohen, former CEO of Chewy and a large shareholder of Bed Bath & Beyond, sent an open letter, as part of a Schedule 13D filing, to the Board of Directors calling for Buy Buy Baby to be sold or spun off at a favorable valuation.[32][33] Subsequently, Bed Bath & Beyond reached a deal to give Cohen three board seats in exchange for his cooperation and the creation of a committee to execute his proposed plan.[34] In July 2022, FCM BBBY Holdings, LLC, managed by Jake Freeman, also sent an open letter, as part of a Schedule 13G filing, asking the board of directors to consider their proposed plan to reduce Bed Bath & Beyond's debt and improve liquidity through convertible bond issuance.[35]

On June 29, 2022, significant changes to executive leadership were announced by Bed Bath & Beyond Inc. Mark Tritton left his role as president and chief executive officer and as a member of the Board, and was replaced by Sue Gove in an interim capacity.[36] That August, the company announced that 20% of its corporate staff would be laid off, and 150 more stores would be closed.[37][38] Gove was promoted to permanent president and CEO the following October.[39]

On September 2, 2022, the company's chief financial officer, Gustavo Arnal, committed suicide by jumping from the balcony of his apartment in New York City. Arnal was one of the targets of a class action lawsuit with regard to Bed Bath & Beyond's stock becoming a pump and dump scheme.[40][41][42] Two weeks later on September 16, the company named 56 stores targeted for closure of the 150 announced in August.[43]

Bankruptcy

The company opened 2023 by warning investors that it may not survive the year. On January 5, shares of the company plunged almost 30% on the stock market, and the company announced it had "substantial doubt" in being able to continue to operate as a business.[44][45][46] Wall Street analysts predicted that the company could file for Chapter 11 bankruptcy as soon as January 7.[47][48] On January 9, the company hired AlixPartners as its new restructuring adviser,[49] and announced the closure of 62 more stores.

On January 26, the company announced that some banks had cut its line of credit.[50] The next day, it was revealed that the company would shutter its Harmon Face Values Chain, closing all 52 of its stores,[51] and would also close five Buy Buy Baby stores and 87 Bed Bath & Beyond locations, including the last location in West Virginia.[52]

On February 10, 2023, it was revealed the company would shut down its Canadian division, closing all 54 Bed Bath & Beyond and 11 Buy Buy Baby stores in Canada. According to court documents, the business does not have the "capacity or ability to independently effect a recapitalization or restructuring of the Canadian operations without access to cash and the support".[5] The same day, they also announced 149 more store closures in the United States, including the last two locations in Wyoming.[53]

On March 30, 2023, Bed Bath & Beyond announced that if it was unable to sell $300 million in stock, the company would likely file for bankruptcy.[54] On April 23, 2023, after failing to pay off stock, declining sales, high debt, and years of struggling, Bed Bath & Beyond officially filed for Chapter 11 bankruptcy protection in the United States.[55] It was later confirmed that all remaining Bed Bath & Beyond and Buy Buy Baby stores in the U.S. would close by June 30 unless a buyer were found for the chain. Even if the company could find a buyer, shareholders could be expected to be wiped out, with proceeds from the liquidation going to secured creditors and bondholders.[56][57] The company's stock was delisted from the Nasdaq exchange on May 3.[58]

Closing Bed Bath & Beyond, Roseville, Michigan, April 2023

Following the bankruptcy filing, the company stopped accepting their popular coupons, effective April 26th, and liquidation sales commenced at all remaining stores the next day.[10] Shortly thereafter, numerous other retailers, including The Container Store, Big Lots, Boscov's, and Kirkland's, announced that they would honor unused Bed Bath & Beyond coupons for a limited time.[59][60]

Industry analysts attribute the company's failure to a number of factors, including a late entry to e-commerce, reduction in merchandise selection and quality, supply chain issues, competition from Walmart, Target, and HomeGoods, and debt accrued from stock buybacks.[61][62][63] The latter is widely considered the largest reason for Bed Bath & Beyond's collapse, as the company's stock buyback schemes, in practice since 2004, were the source of much of its $5.2 billion debt.[64][65] This resulted in an inability to pay vendors on time, which led many to halt merchandise shipments to the company.[66]

On May 5, Christmas Tree Shops also filed for Chapter 11 bankruptcy, despite having been separated from Bed Bath & Beyond two years prior.[67]

Planned revival of Canadian stores

The retailer's Canadian operations closed four days earlier than planned in late April 2023.[68] Following the closure of the chain's operations in Canada, Doug Putman, owner of Sunrise Records and Toys "R" Us Canada, acquired 21 former Bed Bath & Beyond locations, with plans to revive the chain in Canada as Rooms + Spaces, under the leadership former Bed Bath & Beyond Canada general manager Greg Dyer. Plans call for the stores to begin reopening in mid-2023.[69]

In addition, Canadian Tire acquired 10 former leases in Alberta, British Columbia and Ontario. Six former leases will be used for the relocation of nearby Mark's stores in favour of more convenient and larger spaces, with the rest being used to open new Pro Hockey Life locations.[70]

Subsidiaries

Current
  • Buy Buy Baby – founded by Richard and Jeffrey Feinstein, sons of Bed Bath & Beyond co-founder Leonard Feinstein; acquired in March 2007 for $67 million[71]

Other subsidiaries
  • Bed Bath & Beyond Mexico – a joint venture with Home & More, S.A. de C.V to operate four stores in Mexico under the name "Bed Bath & Beyond"[72] The Mexican unit is not affected by the closure in the US and Canada and will continue to operate normally.[73]
  • Bed Bath & Beyond Invitations – an online wedding invitation venture

Former
  • Bed Bath & Beyond Canada L.P. (2007–2023) Opened in 2007 in Ontario, Canada, and closed in February 2023 [74][75] - 53 stores across Canada in nine provinces (none in Quebec, due to restrictive language laws)[76] Stores are undergoing liquidation, anticipating completion in April or when each will complete their liquidation process.[77]
  • Christmas Tree Shops (2003–2020) – acquired in 2003 and sold in 2020 for an undisclosed amount to Handil Holdings LLC[78]
  • Cost Plus, Inc. (2012–2021) – acquired in May 2012 for $495 million, operates Cost Plus World Market and World Market; sold in February 2021 to Front Burner LP[79][80]
  • Linen Holdings (2012–2020) – acquired in June 2012 for $105 million and sold in 2020 to The Linen Group LLC[81]
  • Of a Kind (2015–2019) – acquired in August 2015 for an undisclosed amount and closed in October 2019[82][83]
  • One Kings Lane (2016–2020) – acquired in June 2016 for an undisclosed amount, sold in 2020 to CSC Generation[84][85]
  • Harmon Stores (2002–2023) – acquired in March 2002 for an undisclosed amount and closed in January 2023[86][51]

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