Bed Bath & Beyond (BBBY) has officially filed for bankruptcy. Stores will remain open until June 30 as the retailer plans to offer “steep discounts” in attempts to unload the last of its inventory. For parents, this is a perfect opportunity to take advantage of discounted prices — as long as you don’t mind doing your back-to-school shopping a little bit early.
Here are a few other important things to know:
• Bed Bath & Beyond is no longer accepting coupons as of today, April 26.
• The retailer will still accept gift cards through May 8.
• Wedding registries will reportedly be transferred to a competitor, with more details to come.
• Bed Bath & Beyond also owns Buy Buy Baby, so expect steep sales at this store as well.
• No more returns will be accepted at either store.
An Unlikely Opportunity
Ever since the 2008 Financial Crisis, commercial real estate development in the US has been sparse and vacancies are at record lows. On top of that, thanks to the rise of ecommerce and the pandemic, there are even less reasons for developers to build new physical stores.
This means that Bed Bath & Beyond’s misfortune may spell opportunity for other companies.
Roughly 360 Bed Bath & Beyond storefronts and 120 Buy Buy Baby stores will become available over the next two months. These preexisting retail locations will likely be scooped up by growing companies.
If you have a Bed Bath & Beyond near you, don’t expect the lot to stay vacant for too long. The companies most likely to scoop up these locations include discount stores like Dollar General (DG), Dollar Tree (DLTR), Five Below (FIVE), and TJX Companies (TJX) like T.J. Maxx or HomeGoods.
Planet Fitness (PLNT) is another likely contender, as the discount gym has been opening roughly 200 new locations per year.
For better or worse, the US economy is dog-eat-dog. While Bed Bath & Beyond’s bankruptcy is bad for employees and fans of the brand, it also represents an opportunity for shoppers and competitors across the country.
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