Sam Amico
Things don’t seem to be going well these days for the department store chain Bed Bath & Beyond. It’s more like Bed Beth & Broke. Or at least Bed Bath & Bankrupt.
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The retailer itself has released a statement admitting that “there is substantial doubt about the company’s ability to continue as a going concern.”
So that could result in selling off some assets, restructuring, or yes, filing for bankruptcy.
“These measures may not be successful,” the company announced.
Bed Bath & Bankrupt
This is far cry from Bed Bath & Beyond’s peak when it earned a major role in the 2006 Adam Sandler movie Click, in which Sandler’s character fell asleep on one of the bed’s inside a store and discovered a universal remote control.
But that was 16 years ago, and things have changed a lot since then. Namely, the invention of the iPhone and a significant rise in online shopping.
Today, Bed Bath & Beyond reported that sales decreased by 33 percent, citing “lower customer traffic and reduced levels of inventory availability.”
That’s not all.
Most notably, Bed Bath & Beyond missed out on the shopping boom that the pandemic brought to many home-goods sellers, as the company was in the middle of an overhaul that involved replacing big-name brands with more private brands,” NPR reported.
It was just three years ago that the Washington Post suggested that Bed Bath & Beyond will live on through popular culture. And that may be true. But live on in real life? That seems to be a different matter entirely.
