Bed Bath & Beyond filed for Chapter 11 bankruptcy on Sunday after a series of efforts to keep the business alive failed.
“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,” a statement Sunday read.
The retailer has been warning of a potential bankruptcy since early January, when it issued a “going concern” notice that it may not have the funds to cover expenses after a bleak holiday season.
In early 2021, the company made headlines after it was confirmed by MyPillow CEO Mike Lindell that the retailer had canceled his MyPillow line at the same time he was involved with conservative activism on behalf of former President Donald Trump.
From The Gateway Pundit:
A year after Bed Bath & Beyond dropped MyPillow, TGP’s Cristina Laila revealed the company was forced to drop air conditioning in its stores to offset a drop in sales after freezing out Mike Lindell. But this desperate effort had no impact. Bed Bath & Beyond was forced to close hundreds of stores last September and lay off over 20% of its workforce. The CFO jumped to his death the following week. Their woes only continued with more store closures this year and cratering stock value. Bed Bath & Beyond may have been able to avoid their demise by simply telling the left to buzz off. Instead, the company will soon become merely a memory.
