Bed Bath & Beyond files for bankruptcy

CNN: Bed Bath & Beyond, the store for seemingly everything in your home during the 1990s and 2000s, filed for bankruptcy yesterday.
“Thank you to all of our loyal customers. We have made the difficult decision to begin winding down our operations,” a statement at the top of the company’s website said yesterday morning. 

“Bed Bath & Beyond and buybuy BABY stores and websites are open and serving customers.”
Bed Bath & Beyond had been a crown jewel of the era of so-called “category killers” — chains that dominated a category of retail, such as Toys “R” Us, Circuit City and Sports Authority. Those companies, too, ultimately filed for bankruptcy as shoppers turned away from huge specialty stores in favor of online options like Amazon.

Bed Bath & Beyond became known for pots and pans, towels and bedding stacked from the floor to the ceiling at its cavernous stores — and for its ubiquitous 20 percent-off coupons. The blue-and-white coupons became something of a pop culture symbol, and millions of Americans wound up stashing them away in their cars, closets and basements.

The retailer attracted a broad range of customers by selling name brands at cut-rate prices. Brands coveted a spot on Bed Bath & Beyond’s shelves, knowing it would lead to big sales. Plus, the open-store layout encouraged impulse buying: Shoppers would come in to buy new dishes and walk out with pillows, towels and other items.

Stores were a fixture for shoppers around the winter holidays and during the back-to-school and college seasons, and Bed Bath & Beyond also had a strong baby and wedding registry business.
But, the New Jersey-based company has been slow to respond to shopping changes and struggled to entice customers who had moved on to Amazon, Target and other chains.