Thousands of Jobs on the Line as Bed Bath & Beyond Files Chapter 11
New Jersey-based Bed Bath & Beyond filed for Chapter 11 bankruptcy, planning to begin the process of liquidating its stores — 360 Bed Bath & Beyond stores and 120 BuyBuy Baby stores. Currently the company employs approximately 14,000 people in the U.S. and Puerto Rico, putting their jobs, retirement savings, and severance pay of the line. However, the company may pivot away from plans to vacate all properties by June 30th, 2023, if a buyer for some or all of the homeware retailer’s assets is found. The collapse of one of the largest home-goods retailers in the U.S. is not “an example of the inevitable decline of brick-and-mortar retailers,” but instead the result of nearly a decade of poor decision-making by the retailer’s leadership team that “pushed the company, little by little, toward the brink of financial collapse,” according to the opinions of suppliers, analysts and former managers and employees.