Ailing retailer Bed Bath & Beyond filed for bankruptcy protection over the weekend. The plainly-doomed warehouser of crap (a hot favorite among Reddit's day-trading gambling addicts and the journalists hyping it as recently as weeks ago) failed to raise money to stay in business. Liquidation is coming; use your coupons ASAP!
The company's 360 namesake stores and 120 Buybuy Baby locations will remain open for the time being as it begins to close the business and liquidate assets. But it has filed motions in New Jersey bankruptcy court asking permission to auction the two brands, the company said in a release. It has already committed to closing all of its Harmon FaceValue stores.
As of late November, Bed Bath had about $4.4 billion in assets and $5.2 billion in debts, court filings show. Alongside a long list of creditors, including vendors like Pinterest, Keurig and Blue Yonder, it owes the most to BNY Mellon at $1.18 billion, the documents show. It has between 25,001 and 50,000 total creditors and employs about 14,000 non-seasonal workers, court filings say.
