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Bed Bath & Beyond Is Closing: What To Know About Deals And Coupons
When a popular retailer like Bed Bath & Beyond closes, customers are left with a lot of questions. How long will stores be open? Can you still shop online?
When it comes to the home goods store, people are wondering: Can you still use Bed Bath & Beyond coupons? Bed Bath & Beyond Inc. Filed for Chapter 11 Bankruptcy protection on April 23, 2023, and shopping at the chain's 360 stores in the wind-down will look a little bit different.
Why is Bed Bath & Beyond closing?Bed Bath & Beyond Inc. Indicated in a business update at the start of 2023 that there was "lower customer traffic." The company reported $1.259 billion in net sales in its fiscal third fiscal quarter, ended Nov. 26, 2022, which was $619 million less than Bed Bath & Beyond brought in at the end of 2021. Bed Bath & Beyond also had "substantial doubt about the Company's ability to continue."
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Prior to the Chapter 11 filing, Bed Bath & Beyond started the year by closing hundreds of locations. The company is taking a "dual-path" approach to its Chapter 11 proceedings by initiating a liquidation sale as well as marketing Bed Bath & Beyond and buybuy BABY as part of an auction, according to its April 26 press release.
"Bed Bath & Beyond has finally succumbed to the fact its business is broken and filed for bankruptcy," Neil Saunders, retail analyst and managing director of Global Data, told CNBC on April 23.
Bed Bath & Beyond closing dealsCustomers can shop online and in-store deals of 10% to 30% off merchandise at 360 Bed Bath & Beyond locations and 120 buybuy BABY as the wind-down process continues.
It's not clear when stores will close, but you can only redeem Bed Bath & Beyond gift cards, store credits and merchandise credits through Monday, May 8, according to an email from a Bed Bath & Beyond rep to Kiplinger. The store will accept returns on items purchased prior to April 26 through May 24, 2023.
Where to use Bed Bath & Beyond couponsAs a result of the bankruptcy, Bed Bath & Beyond stopped accepting the infamous 20% off coupons on April 26, but you can redeem them at other retailers:
Bed Bath & Beyond Coupons Are Backfiring
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Bed Bath and Beyond's famous 20% coupons are being blamed for the company's hurting profits.
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Bed Bath And Beyond Relaunches Online In U.S. And Canada
Bed Bath & Beyond has relaunched in the U.S. As an online retailer with offerings that include those of Overstock.Com, its new owner.
Now a single online shopping site known as BedBathandBeyond.Com, the combined entity's offerings include furniture, rugs, decor, kitchen, lighting and bath products.
Bed Bath & Beyond filed for bankruptcy in April. Overstock acquired the retail chain's intellectual property assets in June, relaunching the brand in Canada last month. It followed up with a U.S. Relaunch and a refreshed website, mobile app and loyalty program.
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Overstock said it is rebranding its Club O loyalty program as Welcome Rewards, which will continue to offer 5% reward dollars for all purchases that can be fully redeemed in subsequent transactions.
The company also said it is offering free membership in the Welcome Rewards program, which is valued at $19.95, for active members of the former Bed Bath & Beyond loyalty program. Qualifying customers will be sent emails with exact details, Overstock said.
Perks include 25% off couponOther perks offered as part of the relaunch include sitewide deals and promotions. These include a 25% off welcome coupon for anyone who downloads and shops through the new mobile app, which is available for iOS and Android.
The acquisition excluded Bed Bath & Beyond's brick-and-mortar business, as well as the buybuy Baby and Harmon banners and their assets formerly operated by Bed Bath & Beyond.
Some retail experts say the deal makes sense for both companies, but especially for Bed Bath & Beyond.
"It's about time that the BB&B brand is being utilized properly in today's changing consumer economy," said Jonathan Pasternak, partner at Davidoff Hutcher & Citron in New York, who has represented Chapter 11 bankruptcy clients.
"By going virtual, so to speak, the brand will avoid being dragged down by the retail lease and employee overhead that forced it into bankruptcy in the first place, while still offering their quality products and enticing coupon incentive programs," Pasternak said. "I believe they can grab back a decent market share through this transition, which was way overdue."
Other industry insiders say Bed Bath & Beyond had no choice.
"In its heyday, Bed Bath & Beyond's competitive advantages lay in its merchandise assortment, customer service and ubiquitous coupon," said Hank Reinhart, a former Bed Bath & Beyond executive, and founder of Sabavi Home in Hackensack, N.J. There was no strategy to pivot successfully from brick and mortar to online or omnichannel, he said.
With its acquisition of the Bed Bath & Beyond name, Overstock gains immediate credibility in the home category, which will help it gain vendor support, Reinhart said.
However, Reinhart said, Overstock is also acquiring the same challenges that Bed Bath & Beyond ultimately succumbed to. "With so many websites offering endless aisles of merchandise, breadth of assortment is no longer a differentiator," he added.
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