(NEXSTAR) – It’s time to use those Big Blue coupons that have been pinned to the fridge for weeks or forever lose them in the wake of Bed Bath & Beyond’s bankruptcy announcement.
The beleaguered home goods chain made the filing Sunday in U.S. District Court in New Jersey and said it will start an orderly wind-down of its operations while seeking a buyer for all or some of its businesses. In the bankruptcy filing, the retailer said it anticipates closing all of its stores by June 30.
For now, the company’s 360 Bed Bath & Beyond stores and its 120 Buy Buy Baby sites as well as its websites will remain open to serve customers.
However, there are some key dates if you want to avoid missing out on your coupons, gift registries, gift cards and more.
On Wednesday, April 26, stores will stop accepting coupons as they start to deeply discount items for closing sales which are slated to begin that day.
You’ll have a little more time to make use of gift cards, which will be honored through May 8, the company says.
Have credit from a previous return? Merchandise credits can be redeemed until May 15, which is also the cutoff date for Welcome Rewards.
Shoppers with Welcome Rewards+ store credit cards are still able to use them at this time. Bed Bath & Beyond didn’t say when that might change. You can also still use both the Bed Bath & Beyond and Buy Buy Baby apps for now.
If you have a gift registry with Bed Bath & Beyond or Buy Buy Baby, don’t panic, the company says. If you’re considering online shopping, Bed Bath & Beyond says all online orders of in-stock items that have yet to be received are expected to be fulfilled.
“Your registry data is safe and you can still view your registry at this time,” Bed Bath & Beyond said in a news release. “We expect to partner with an alternative platform where you will be able to transfer your data and complete your registry. We will provide details in the coming days.”
Meanwhile, Bed Bath & Beyond says all purchases made before April 26 will be given standard 30-day return windows, which will end May 24. Purchases made at store closing sales will be final.
Founded in 1971, Bed Bath & Beyond had for years enjoyed its status as a big box retailer that offered a vast selection of sheets, towels and gadgets unmatched by department store rivals. It was among the first to introduce shoppers to many of today’s household items like the air fryer or single-serve coffee maker, and its 15% to 20% coupons were ubiquitous.
But for the last decade or so, Bed Bath & Beyond struggled with weak sales, largely because of its messy assortments and lagging online strategy that made it hard to compete with the likes of Target and Walmart, both of which have spruced up their home departments with higher quality sheets and beddings. Meanwhile, online players like Wayfair have lured customers with affordable and trendy furniture and home décor.
The store closings will put thousands of jobs at risk. The company employed 14,000 workers, according to the court filing. That’s drastically down from the 32,000 as of February 2022.
“It’s the death of an icon. A lot of people have grown up with it, ” said Neil Saunders, managing director of GlobalData Retail. “It’s an institution in retailing, but unfortunately being an institution doesn’t protect you from financial woes.”
The Associated Press contributed to this report.