Bed Bath & Beyond announces bankruptcy and closure

(NBC News) Bed, Bath, and Beyond, the iconic home goods retailer known for its blue 20-percent off coupons, has announced it will be closing its doors for good. The company, which has been in operation since 1952, filed for bankruptcy on Sunday after a tumultuous year of job cuts and store closures.

The closure of Bed, Bath, and Beyond marks the latest casualty as Americans shift their shopping habits online. Experts suggest that consumers want to buy everything they need in one place, and online giants like Amazon have changed consumer habits, testing Bed Bath & Beyond’s business model.

In an interview with the Wall Street Journal, co-founder Warren Eisenberg admitted that the company “missed the boat on the internet,” leading to its downfall. Other well-known retailers, including Party City and David’s Bridal, have also filed for bankruptcy since the beginning of the year.

While some experts believe brick-and-mortar stores are not dead, retailers need to excel in every way that shopping is available, including online and live shopping. As Bed Bath & Beyond begins liquidating its assets, customers can expect big sales, but the blue coupons will no longer be accepted starting Wednesday, April 26th.

About 360 stores will remain open for now, and items purchased before this weekend can be returned until May 24th. Bed Bath & Beyond was the go-to store for everything from linens to pots and pans, and even made its way into the fabric of pop culture, as seen in the movie “The Other Guys” with Will Ferrell and Mark Wahlberg. The closure of the iconic retailer marks the end of an era for many loyal customers.