Legendary retailer announces devastating blow for customers as liquidation sales begin

BED Bath & Beyond shoppers have been unable to use discount coupons or gift cards to buy items as liquidation sales have already started.

The beleaguered retailer filed for bankruptcy in April – months after trying to stay afloat.

Execs have already announced that they expect the retailer’s 360 stores to close by June.

But, shoppers who have coupons to get 20 percent off items at a Bed Bath & Beyond store face disappointment, per the Fort Collins Coloradoan.

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This is because stores no longer accept coupons or gift cards.

Shoppers were required to use gift cards by the close of business on May 8.

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Closing-down sales have started, and the prices of products have been cut as stores rush to clear their remaining stock.

The prices of items have been cut by 10 to 40 percent across departments.

But, shoppers can use a 20 percent coupon to save money on items at The Container Store until the end of May.

Customers can use the coupons at any of the retailer’s 97 stores, according to local Boston-based Fox affiliate WFXT.

A tweet posted on The Container Store’s account said: “We’re here for you and your college needs. Welcome to the organization.”

In 2022, Bed Bath & Beyond had around 950 stores, but its portfolio was culled to 360.

The company is also shutting down its 120 Buy Buy Baby outlets as part of the raft of closures.

Up to 30,000 jobs could be put at risk by the store closures.

It appears that Bed Bath & Beyond will reportedly pay severance to 1,293 workers affected in New Jersey, per Insider.

Officials have said they would “pivot away” from any store closures if a buyer was found.

Bed Bath & Beyond had debts of around $5.2billion when it filed for bankruptcy.

Retail analyst Neil Saunders of Global Data told CNBC: “Bed Bath and Beyond has finally succumbed to the fact its business is broken and filed for bankruptcy.

“While it has been a long time coming, they simply could not defy gravity forever.”

Bed Bath & Beyond is not the only retailer that is shuttering rafts of stores.

Hundreds of Tuesday Morning stores are also set to close after the retailer filed for bankruptcy.

Chains not at risk of bankruptcy such as Foot Locker are also changing their business models.

The beloved sportswear brand is set to close 400 stores in North America by 2026.

David Berliner, of the accountancy company BDO, told Forbes he doesn’t expect to see a “bloodbath” in the retail sector.

But, he warned: “If we are headed for a recession, that is when the snowball starts to go downhill and picks up speed.”