Union-based Bed Bath & Beyond has declared bankruptcy — and apparently has no intention of coming back.
The store, ubiquitous for home furnishings in the 1990s — or before the explosion of e-commerce — announced Sunday that it intends to sell off its merchandise and then go out of business.
The company announced the news on its website Sunday morning.
“Thank you to all of our loyal customers,” it wrote. “We have made the difficult decision to begin winding down our operations.”
The company said store closing sales at its 360 Bed Bath & Beyond locations and 120 buybuy BABY stores will begin Wednesday.
Customers holding the stores’ famed 20% off coupons can use them until Wednesday, but not after.
In its bankruptcy filing, Bed Bath & Beyond said it had $5.2 billion in debt and assets of just $4.4 billion, according to media reports.
It’s unclear how long the stores will remain open for their clearance sales. This much is certain: The brand will soon go the way of Sears, Sports Authority and others.