Many Tennessee consumers flock to retail icon Bed Bath & Beyond whenever they need linens, bath towels or other household wares. The popular department store has been no stranger to financial crisis, however, which many of its competitors have also encountered in recent years. As such, shoppers will likely have to find another store to fulfill their needs when Bed Bath & Beyond closes its doors this June. The company has filed for bankruptcy.
The good news is that Bed Bath & Beyond enthusiasts may be able to get some great deals on products between now and June 30 due to “going out of business” sales. The company owns 360 stores under the Bed Bath & Beyond name and owns 120 Buy Buy Baby Sister stores, which will also be shut down as part of the bankruptcy process. Bed Bath & Beyond has encouraged the public to shop for their favorite products in the coming weeks but to be aware that all sales are final.
Bed Bath & Beyond CEO blames poor holiday performance for bankruptcy
Many retailers, including Bed Bath & Beyond, rely heavily on holiday sales to boost their profits. The company’s CEO said this year’s holiday performance was below par, which added to the company’s financial woes. Owners have sought a buyer for the business, but in the meantime, have filed for Chapter 11 bankruptcy.
Debt relief can clear the way for a stronger financial future
For Tennessee business owners, filing for bankruptcy can not only provide immediate debt relief but can also help lay the groundwork for restored solvency down the line. In fact, some businesses have been able to rebuild better and stronger after navigating the bankruptcy process. It is not uncommon for business owners in need of debt relief to encounter legal problems, which is where an experienced bankruptcy attorney can step in to provide guidance and support.