Michigan Bed Bath & Beyond Stores to Liquidate in Chapter 11
Updated: It's happened to Kmart, Sears, Blockbuster... and now it's time for Bed Bath & Beyond. The company filed Chapter 11 bankruptcy and will begin liquidation of all assets later this week. They hope to find a buyer.
Flint & Saginaw Bed Bath & Beyond stores already closed.
As Bed Bath & Beyond fights off bankruptcy, they'll be closing 150 more stores. That's in addition to 87 locations they announced just over one week ago, according to CNN. Included in those closures:
- Flint's old location at 3605 Miller Rd (behind Olive Garden, near Target & Old Navy)
- Saginaw's old location at 4420 Bay Road (near Best Buy and Lane Bryant)
400 Bed Bath & Beyond stores have already closed in the last year. The company also owns buybuy Baby stores. Some of those were previously closed, too. More to follow as the Chapter 11 announcement has been made.
Previous closures included Troy, Westland, Okemos, Holland and Portage. Only a handful of locations remain in Michigan.
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Why is Bed Bath & Beyond filing Chapter 11?
- They already admitted to defaulting on a loan. That's never good.
- Their debt load far outweighs income. Sales have dropped another (approximately) $1 Billion for the company in the last year.
- Additionally, like the almost dead Sears and the late Pier 1 Imports, they were very slow to adapt to internet sales. (That baffles me as Amazon and other retailers got that memo well over 15 years ago.)
I'm sure employees in stores kept telling leadership to get with it all along. I hope they're able to find more work. Sadly, all of the above, sounds like poor vision/leadership, IMO. Expect liquidation sales soon.
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