No MyPillow or Mike Lindell, No Bed Bath & Beyond-Files for Bankruptcy

Bed Bath & Beyond filed for Chapter 11 bankruptcy protection Saturday after last-minute attempts to keep the company afloat failed.

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The company has warned since January that it may have to file for bankruptcy due to its poor sales during the 2022 holiday season. The company attributed the poor sales to difficulty keeping its shelves stocked. Because of its liquidity issues, some vendors began asking for prepayments, the company said in securities filings.

Bed Bath & Beyond

The company announced an effort in early February to raise $1 billion to stay afloat and prevent a bankruptcy filing, but the effort brought in just $360 million. Another fundraising effort in March set a target of $300 million but resulted in just $48 million.

The home goods retail store’s last-ditch efforts to raise cash to cover costs failed this weekend, and the company filed for Chapter 11 protection.

“Bed Bath & Beyond Inc. today announced that it and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey to implement an orderly wind-down of its businesses while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets,” “The Company’s 360 Bed Bath & Beyond and 120 buybuy BABY stores and websites will remain open and continue serving customers as the Company begins its efforts to effectuate the closure of its retail locations,” the statement continued. “Through the filing of customary motions with the Court, the Company intends to uphold its commitments to customers, employees, and partners, including continued payment of employee wages and benefits, maintaining customer programs, and honoring obligations to critical vendors,” the company wrote in a statement.

The company was founded in 1971 under Bed ‘n Bath, enjoyed brisk sales for years, and ranked in the Forbes 500.

As of 2019, the company operated 1,020 outlets and another 500 stores, including Buy Buy BABY, Cost Plus World Markets, Christmas Tree Shops, and 50 Harmon Stores.

During COVID, the company closed over 200 stores over two years. Still, many believe the real trouble started when the company announced they would no longer sell MyPillow products in the wake of the January 6th capitol protest and Mike Lindell’s alleged “conspiracy theories” of the 2020 election results.

Many believe the bankruptcy resulted from caving to the radical left and dropping MyPillow. They say the company became the perfect symbol of the saying, “Get woke and go broke.”

Cost-cutting measures could not save the company, and Bed Bath & Beyond was forced to close hundreds of stores in September 2022 and lay off over 20% of its workforce.

On September 7, 2022, the company’s pending closure strain was too much for its CFO Gustavo Arnal, 52, who jumped to his death from his 18th-story Tribeca apartment.

The company might abandon plans to close stores in the event of a successful purchase agreement. Nevertheless, it is moving forward with sales of remaining stock while “strategically managing inventory to preserve value.”

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On Sunday, CEO Sue Gove issued a statement thanking the company’s longtime customers and associates.

“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. Our teams have worked with an incredible purpose to support and strengthen our beloved banners, Bed Bath & Beyond, and buybuy BABY,” she wrote. “We deeply appreciate our associates, customers, partners, and the communities we serve, and we remain steadfastly determined to serve them throughout this process.”

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