Though the company planned to cut costs and reduce store operations, it acknowledged those measures “may not be successful.” In March, Bed Bath & Beyond announced plans to offer and sell up to $300 million in stock in a last-ditch effort to avoid bankruptcy. That same month, the brand defaulted on its debt, and it warned it did not have enough money to pay back some of what it owed. In January, the Journal reported the company was preparing to file for chapter 11 in the coming weeks. In an interview with the Journal, co-founder Warren Eisenberg admitted the brand was slow to adapt to e-commerce and online shopping, saying it “missed the boat on the internet.” The retailer tried to revitalize its business by boosting online sales and rolling out private-label brands, but those efforts ultimately didn’t save the company, and Mark Tritton-the former CEO who introduced that turnaround plan- left the company last year.
In 2019, the company reported its first annual sales decline, according to the Wall Street Journal.
But like other brick-and-mortar retailers, it was plagued with layoffs and financial woes in the following years. Shares of the brand reached an all-time high of $79.32 in 2013. Key Backgroundīed Bath & Beyond first started in 1971, and it eventually went public in 1992.
That’s how many retail stores the chain once operated. Earlier this month, shares of Bed Bath & Beyond’s stock fell to a record low of 31 cents, when the company said in a Securities and Exchange filing the retail giant could be “unable to avoid bankruptcy” if a proposal to implement a reverse split stock was not approved.
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