Bed Bath & Beyond was a big-box retail chain in the US and Canada, specializing in housewares and furniture. It filed for Chapter 11 bankruptcy in 2023 and all stores were liquidated.
In 1971, Leonard Feinstein and Warren Eisenberg founded Bed `n Bath, a small chain of specialty linen and bath shops in suburban New York. They recognized the shift towards specialty stores in retailing and saw an opportunity in the designer approach to linens and housewares.
In 1985, Bed Bath & Beyond opened its first superstore, which was over ten times larger than its original shop and offered a wide range of home furnishings in addition to traditional linens and bath products. This move was aimed at setting the company apart from the growing competition in the niche market.
Originally called Bed 'n Bath, the company rebranded to Bed Bath & Beyond in 1987 to reflect its specialty in linens and bath products.
In 1991, Bed Bath & Beyond's sales reached $134 million with the introduction of a new store model that strategically placed impulse buys near the registers.
In June 1992, Bed Bath & Beyond filed to become a publicly traded company, marking a significant milestone in its corporate history.
In November 1992, Bed Bath & Beyond opened its Manhattan store in a revitalized area known as Ladies Mile. The store became a trendsetter, leading to the renaissance of the neighborhood with new merchandising concepts.
In September 1993, Home Textiles Today magazine featured Bed Bath & Beyond, highlighting its products and market presence.
In August 1994, Barron's magazine featured Bed Bath & Beyond, shedding light on its market position and strategies.
In October 1996, Bed Bath & Beyond reached a milestone by opening its 100th store in Irvine, California, showcasing its rapid growth in the retail market.
By 1997, Bed Bath & Beyond aimed to have around 100 stores in the United States, with projected sales growth of 30 to 35 percent. The company's founders remained optimistic about its future.
In 1997 and 1998, Bed Bath & Beyond opened 61 new stores, surpassing its goals. The company also ventured into e-commerce by acquiring an interest in Internet Gift Registries.
In 1999, Bed Bath & Beyond achieved sales exceeding $1 billion, marking its eighth consecutive year of record earnings. The company also opened 45 new stores during this period.
Forbes published an article on January 10, 2000, discussing the success and operations of Bed Bath & Beyond.
In November 2000, HFN magazine covered the story of Warren Eisenberg and Leonard Feinstein, the founders of Bed Bath & Beyond.
In December 2000, HFN released a report highlighting Bed Bath & Beyond's success and financial performance.
Harmon Face Values was acquired in March 2002.
In 2003, Bed Bath & Beyond further diversified its portfolio by acquiring the holiday chain Christmas Tree Shops.
Buy Buy Baby was founded by Richard and Jeffrey Feinstein in March 2007.
After the 2008 financial crisis, BBBY managed to retain customers by offering discounts and coupons, unlike competitors like The Sharper Image and Linens n' Things, which went bankrupt.
Cost Plus World Market was acquired in May 2012 and later sold in February 2021.
Linen Holdings was acquired in June 2012 and later sold in October 2020.
In 2013, Bed Bath & Beyond's market capitalization reached a record high of about $17 billion.
In January 2014, BBBY stock reached its peak value of nearly $81 per share, but it has since plummeted to under 7 cents a share by April 24.
Of a Kind was acquired in August 2015 and closed in October 2019.
One Kings Lane was acquired in June 2016 and later sold in April 2020.
Decorist was acquired in 2017 and later closed in September 2022.
In April, Bed Bath & Beyond declared bankruptcy after facing financial challenges, leading to its eventual closure.
On April 13, 2019, Bed Bath & Beyond revealed plans to close 40 stores while simultaneously opening 15 new locations.
On April 22, 2019, five independent directors at Bed Bath & Beyond resigned from their positions due to pressure from activist investors, leading to a restructuring of the board.
On May 13, 2019, CEO Steven Temares resigned from Bed Bath & Beyond, with Mary Winston taking over as interim CEO following pressure from activist investors.
On November 4, 2019, Mark Tritton, former chief merchandising officer at Target, assumed the role of CEO at Bed Bath & Beyond.
Despite declining sales and increasing losses, Bed Bath & Beyond decided to raise fresh funds through a stock sale. However, these efforts were not sufficient, leading the home goods retailer to file for Chapter 11 bankruptcy protection on April 23, 2020.
On August 17, Cohen, the GameStop chairman and Chewy founder, announced his decision to sell his entire position in Bed Bath & Beyond, causing a sharp decline in the retailer's stock value. The sell-off amounted to $189 million.
Bed Bath & Beyond announced that they will stop accepting their iconic coupons on April 26, 2021, marking the end of an era for the popular discount strategy.
Bed Bath & Beyond is planning to close its doors for the last time by June 30, marking the end of its operations.
On August 31, 2022, Bed Bath & Beyond revealed plans to shut down approximately 150 stores and reduce 20% of its corporate workforce. The company aims to save $250 million by the end of 2022 through these measures.
On September 2, 2022, Gustavo Arnal, the CFO of Bed Bath & Beyond, tragically took his own life by jumping from his New York City apartment, amidst allegations related to the company's stock.
On January 5, 2023, Bed Bath & Beyond's shares plummeted nearly 30% amid concerns about the company's survival, leading to speculations about a potential Chapter 11 bankruptcy filing.
On February 6, 2023, BBBY stock experienced a significant 92% single-day spike due to meme-stock traders investing in the struggling retailer. However, this surge was short-lived as the stock price quickly dropped after the company announced securing investor funding to avoid bankruptcy.
Hudson Bay Capital Management and other investors organized a public stock offering to raise over $1 billion in order to prevent the company from going bankrupt.
Bed Bath & Beyond announced the closure of all 54 stores in Canada and 11 Buy Buy Baby stores due to financial difficulties, along with 149 store closures in the United States, including the last two locations in Wyoming.
Bed Bath & Beyond issued a warning that if they couldn't sell $300 million in stock, the company might have to file for bankruptcy, leading to the termination of their fundraising deal with Hudson Bay Capital Management.
Bed Bath & Beyond, Buy Buy Baby, and affiliated entities filed for Chapter 11 bankruptcy in the United States District Court for the District of New Jersey, signaling the closure of all remaining stores unless a buyer was found.
Bed Bath & Beyond, once a dominant player in the home goods industry known for its blue coupons, has filed for bankruptcy after facing financial struggles. The company that was once successful in outperforming its competitors is now experiencing financial turmoil.
Bed Bath & Beyond stopped accepting their popular coupons after the bankruptcy filing, leading to the start of liquidation sales at all remaining stores.
Bed Bath & Beyond's stock was delisted from the Nasdaq exchange following the bankruptcy filing.
On May 5, 2023, Christmas Tree Shops filed for Chapter 11 bankruptcy, leading to its liquidation and closure on August 12, 2023.
In 2023, Bed Bath & Beyond once owned over 1,500 stores under three different brands.
The last Bed Bath & Beyond stores closed permanently on July 30, 2023, marking the end of the retail chain.
On August 1, 2023, Overstock publicly announced the rebranding of its operations under the Bed Bath & Beyond name after the acquisition closed.
On September 29, 2023, Bed Bath & Beyond, Inc. changed its name to 20230930-DK-Butterfly-1, Inc. and cancelled its stock.