Bed Bath & Beyond to liquidate all stores, files for bankruptcy
April 23, 2023
The Sioux Falls Bed Bath & Beyond will liquidate its inventory as part of a companywide bankruptcy filing.
Sales to wind down operations at all 360 stores, including the one at 3800 S. Louise Ave., will start Wednesday. After that, coupons and other discounts won’t be accepted.
Customers have through May 8 to use gift cards, gift certificates and loyalty certificates. Items purchased before April 23 can be returned until May 24.
“Millions of customers have trusted us through the most important milestones in their lives – from going to college to getting married, settling into a new home to having a baby,” Sue Gove, Bed Bath & Beyond’s CEO, said in a statement. “We deeply appreciate our associates, customers, partners and the communities we serve, and we remain steadfastly determined to serve them throughout this process.”
The bankruptcy also includes the company’s buybuy Baby brand and stores.
While all inventory is being liquidated, a timeline for closing the stores hasn’t been announced. That’s because as part of the bankruptcy filing the company is asking to market itself at auction in an attempt to sell some or all of its assets.
“Alongside these efforts, the company is also strategically managing inventory to preserve value,” it said in a statement. “In the event of a successful sale, the company will pivot away from any store closings needed to implement a transaction. The company believes this dual-path process will best maximize value.”
The Bed Bath & Beyond announcement is the latest national retail bankruptcy to impact Sioux Falls. Earlier this year, Tuesday Morning closed its store in the market. David’s Bridal, which has a store in Sioux Falls, also filed for bankruptcy recently but hasn’t announced a store impact.
