Bed Bath & Beyond is Closing All Stores in Canada
By Ambia StaleyMarch 2, 2023
Update March 2, 2023: Bed, Bath & Beyond announced today that March 8, 2023 is the deadline to redeem or use gift cards, merchandise credits, or Welcome Rewards+.
Originally Posted February 14, 2023: After several years of financial difficulties, Bed Bath & Beyond has announced that it's closing all of its Canadian stores.
A court filing posted recently on the website of consultancy firm Alvarez & Marsal says, "The Bed Bath & Beyond Group has been in financial difficulty for the past several years, suffering significant net losses since 2018".
Court documents also show that the retailer had a net loss of $99.5 million for the 9-month period ending November 26, 2022. As of November 2022, the company's assets were valued at approximately $480.1 million, while its total liabilies were worth approximately $429.7 million.
The closure of the company's Canadian division will see 54 Bed Bath & Beyond stores, as well as 11 BuyBuy Baby stores shutter across the country. The closures will also result in the loss of just over 1,400 jobs.
At this time, it's unclear when the liquidation process will begin and stores will start to wind down operations.
Sources: PR Newswire, Toronto Star and Alvarez & Marshal Canada, Inc.
Showing 40 Most Recent CommentsView all
Later in the day, I went on BBB US website to check the balance. When I check the balance, I see the GC value in USD. I haven't tried to make a purchase.
Maybe I'll try buy something with my gift card next time I go to the States.
My gift card has fine print that says good for purchase at any BBB location in Canada, US or Puerto Rico.
40% off was only on some xmas stuff, that was laughable at the regular prices, neverless the sales prices.
Canada is turning into a nation of dollar stores.
It was $859.99 at regular price pre-liquidation.
Most Bed, Bath & Beyonds in Canada were poorly merchandised when the liquidatiion began. I expect 1 or 2 Bed, Bath and Beyond stores in the "Golden Horseshoe" or the Lower Mainland to close this month and have their remaining merchandise transfered to nearby stores.
Am interested in some kitchen appliances and such.
Any good deals yet by Bed Bath & Beyond. Want to see what I can score and scoop from there.
Let the hunt begin!
I expect all kitchen electrics, vacuums, irons amd laundry steamers and personal care electrics to sell out this week.
Being in the store and looking at the original MSRPs it's obvious how this store failed, everything is crazy expensive. Simple things like plastic bins are 2-3x more expensive than another store, and not like they were amazing quality either. A simple crappy plastic bin was like $20, and this was their in house "Simple Essentials" brand or whatever. Would be $4-8 at any other store. Saw plastic soap dishes for $4, compared to $2 at Dollarama or Wal Mart, and if it was from Aliexpress or Temu, less than $1.
Canada just isn't as profitable as ppl think. We're just a rounding error to most.
A liquidation sale is a marketing tactic. They drum up as much hype as possible with those big banners and signs to get people into the store. Then they play up a sense of urgency to get people to pay high prices: "If I don't buy this now, it'll be gone in a week." One of the dirtier tricks is to jack up a price ABOVE MSRP, and then "discount" it. So they can say it's 20% off; but in reality it is still selling for FULL MSRP.
This is always how liquidation sales play out, and anyone who has been paying attention to them over the last 15 years would know that you aren’t likely to score a deal at them. Sure, deeper discounting will start eventually. But all the good stuff will be long gone by then.
But when a Co goes into receivership, it’s not them that makes the decisions on selling off their assets
And at how much
That’s 100% in hands of the liquidators on behalf of the courts
They continue to try to get as much money as possible to pay off the creditors
If it’s a Cdn Co and ships coast to coast …
To me that’s national
Lots of well known Cdn Cos don’t have a physical store in every Province or Territory
I would never describe London Drugs as a national chain.
They are also in NS & NB
And … available online
Lol, it’s kind of how all you westerners talk about London Drugs
None east of Manitoba
But us Easterners, can all certainly shop online to reap the benefits you guys get locally
My nation Canada includes more than Quebec and Ontario!