South Dakota Bed Bath and Beyond Stores Liquidating Inventory
UPDATE 4/24/23 10:00 AM
After announcing they filed for bankruptcy, Bed Bath and Beyond announced Monday that they will begin a "wind down process" and liquidate innovatory in all of it's stores starting on April 26, 2023.
- They will stop accepting coupons after April 25.
- They will accept gift cards through May 8.
- Purchases can be returned until May 24 on products bought before April 23.
There are two Bed Bath and Beyond stores in South Dakota, in Sioux Falls and Rapid City.
After three years of declining sales and store closures, the retail chain Bed Bath Beyond appears to be on the verge of going out of business.
Sunday (April 23) morning, the company announced that it was filing for Chapter 11 Bankruptcy and would close its doors if a buyer can't be found soon.
The announcement came on the Bed Bath & Beyond Facebook page.
In an e-mail to customers, the company also outlined the immediate steps it will be taking during the bankruptcy process, including suspending coupons and gift cards.
Bed Bath & Beyond currently has 11 stores operating in the Tri-State area:
- Rapid City
- Sioux Falls
- Cedar Rapids
- Sioux City
- Apple Valley
- Maple Grove
According to Statista, in 2020, there were Bed Bath & Beyond 1,500 locations in North America. That number dropped to 1,020 in 2021 and currently stands at 953.
In 2022, the store had 953 locations, – that's down from 1,500 stores in 2020, and 1,020 in 2021.
Sales are down 26% from 2021 and the company has lost $168 million during that time.
Bed Bath & Beyond's stock has also taken a beating, dropping 83 percent since the beginning of 2022.