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Bed Bath and Beyond at Loma West
Bed Bath & Beyond Inc. was an American big-box retail chain specializing in housewares, furniture, and specialty items. Headquartered in Union, New Jersey, the chain operated stores in the United States and Canada, and was once counted among the Fortune 500 and the Forbes Global 2000. The chain filed for Chapter 11 bankruptcy in April 2023 and liquidated all of its remaining stores, with the last closing on July 30, 2023. Following the retail chain's liquidation, its name was adopted by online retailer Overstock.com, which acquired the company's trademarks in a bankruptcy auction. The name is also still used by the chain's former Mexican division, which is now independent.
History[]
In 1971, Bed 'n Bath opened its doors in Springfield, New Jersey, thanks to the vision of Warren Eisenberg and Leonard Feinstein. Fast forward to 1985, and the duo had already expanded to 17 stores located in both the New York metropolitan area and California. That same year, they launched their first superstore, aiming to compete with other big names like Linens 'n Things, Pacific Linen, and Luxury Linens. In 1987, recognizing the need to reflect the significant expansion of its retail footprint, the company was rebranded as Bed Bath & Beyond. To stay competitive with the likes of Linens 'n Things, which had been using computer-based inventory management systems since the late 1980s, Bed Bath & Beyond implemented its own integrated computer-based inventory management systems in 1993.
In June of 1992, Bed Bath & Beyond made its initial public offering (IPO) on the NASDAQ stock exchange, where it continues to trade under the ticker symbol BBBY. The company achieved a significant milestone in 1999 when it surpassed $1 billion in annual sales.
In 2017, the chain peaked at 1,550 locations.
In March 2019, three activist investment firms, namely Legion Partners, Marcellum Advisors, and Ancora Advisors, announced their intention to remove the then-current CEO of Bed Bath & Beyond, Steven Temares, and restructure the company's board of directors. Their motive was fueled by perceived instances of nepotism, such as the acquisition of Buybuy Baby, which was founded by two children of Bed Bath & Beyond co-founder Leonard Feinstein, and the acquisition of Chef Central, created by co-founder Warren Eisenberg's son, that reflected poor business practices at Bed Bath & Beyond. As a result of the pressure from these activist investors, five independent directors voluntarily stepped down on April 22, 2019. The company also restructured its board by reducing the number of members from 12 to 10.
On April 13, 2019, it was reported that the chain planned to close 40 of its stores, while simultaneously opening 15 new locations.
In April, the company announced that it would reduce its use of promotional coupons and impose stricter restrictions on their use, a departure from the coupon mailers and other promotional discounting tactics it has employed for decades to attract consumers. In an effort to address declining profitability, Bed Bath & Beyond introduced private-label brands and opened "lab stores" that specialize in home decor, food and drink, and health and beauty products.
In September 2022, Bed Bath & Beyond announced its decision to close down 200 underperforming stores.
Bed Bath & Beyond presently ran around 670 stores in 49 U.S. states, including the District of Columbia and Puerto Rico. In addition to its 700+ Bed Bath & Beyond stores, the company operates nearly 258 Cost Plus World Markets, 133 Buybuy Baby stores, roughly 80 Christmas Tree Shops (and affiliated brands), and over 50 Harmon stores. As part of a plan to shutter locations, the company left the state of West Virginia in 2022, and its Canada branch ceased operations in February 2023. Since around 2020, the company has been gradually closing down stores.
On April 23, 2023, the company filed for Chapter 11 bankruptcy and announced that it would be winding down its operations after several failed attempts to turnaround the company and permanently closing all of their locations in the US and Canada.
On July 30, 2023, all Bed Bath & Beyond and Buy Buy Baby stores in the US closed.
Competition[]
Since the liquidation of Linens N Things in 2008, Bed Bath & Beyond faced significant competition from major retailers such as Walmart, Target, and JCPenney, as well as mid-sized competitors like Pier 1 Imports. Other competitors include Crate & Barrel, IKEA, and the various Williams-Sonoma brands like Pottery Barn and West Elm.
Slogans[]
- Everything you need, for every room in your home." (1990s)
- "Bed, Bath & Beyond. It's more than just a name. It's a policy." (1998)
- "Bed, Bath & Way Beyond." (2003)
- "Beyond any store of its kind." (2007)
- "Life, love & the pursuit of your perfect registry." (2010)
- "Welcome to the beyond." (2012)
- "Where inspiring homes begin." (2015)
- "Home, Happier." (2016)
- "Your home, your heart, our help." (2017)
- "Home, simplified." (2019)
- "We're here to help you live comfortably." (2020)
- "Home is more important than ever. Let's make it comfortable." (2021)