Company which shot to popularity in the 1990s has seen demand drop off as a strategy to sell more store-branded products flopped
Bed Bath & Beyond filed for Chapter 11 bankruptcy protection on Sunday, after failing to secure funds to stay afloat, and began a liquidation sale.
The home goods retailer, which shot to popularity in the 1990s as a go-to for couples making wedding registries and planning babies, has seen demand drop off as a strategy to sell more store-branded products flopped.
Last year’s moves to abandon that strategy, and to bring in more national brands, had not shown signs of working, with the company reporting a loss of about $393m after sales plunged 33% for the quarter ending 26 November.
Share prices surged as part of the “meme stocks” craze but nonetheless the Union, New Jersey-based retailer filed for bankruptcy in a New Jersey court, listing both its estimated assets and liabilities in the range of $1bn and $10bn, according to a court filing.
