Bed Bath & Beyond, a troubled retailer, applied for bankruptcy protection and eventually plans to liquidate all of its stores. The retailer filed for bankruptcy on Sunday in the U.S. They have been stripping down the Big Blue signs and clearing out the aisles of linens and closing hundreds of stores. They have been rounding up blue slips of paper offering 20% off. The stores will begin closing its remaining 360 Bed Bath & Beyond stores and 120 Buy Buy Baby locations. According to Nathaniel Meyersohn, they’ve already closed 400 stores in the past year. “The home goods chains filed for bankruptcy protection Sunday after failed turnaround efforts and began its “winding down” process, while still looking for a buyer for all or some of its business.” 

Bed Bath & Beyond opened in 1971 and had held a unique cultural cachet with Big-Box retailers. It has served as a recurring storyline on Comedy Central’s “Broad City”, for Adam Sandler’s 2006 movie ‘Click’. It’s also a talking point for celebrities showcasing their relatability for late-night shows.  A Facebook group was created for people to trade in their retailers’ coupons.

According to Bed Bath & Beyond website, they stopped accepting coupons Wednesday when store closing sales kicks off.  The company’s 360 Bed Bath & Beyond stores and the 120 baby locations will remain open and customers can continue shopping online.

The news had just come a week after the struggling retailer announced the closure of 87 locations, including five in Massachusetts.  All stores should be closed by June 30th. Landlords and real estate analysts say that TJ Maxx, HomeGoods, and Ross have scooped up the vacant stores; Burlington, Five and Below, Nordstrom Rack and Planet Fitness may also fill up the spaces. Bed Bath & Beyond real estate is a precious, scarce resource for retailers, gyms and anyone else who needs ample space according to Nathaniel Meyersohn.