Bed Bath & Beyond shoppers rush to New Jersey store for deals before final closing
SPRINGFIELD, N.J. -- In a possible sign of the times, Bed Bath & Beyond is joining stores like Party City and David's Bridal in declaring bankruptcy.
So, what does it mean for customers and employees?
There was a rush to Bed Bath & Beyond in Springfield, New Jersey on Monday.
Customers packed the store in search of deals after the company announced it would start the process of closing more than 300 stores across the country by June 30.
The company is also shuttering 120 Buy Buy Baby stores.
"It's really terrible. I like to come in and feel the towels," said shopper Linda Fitzsimmons.
"I love Bed Bath & Beyond. They have great things," said Margo Nichols, from Springfield.
The Springfield store opened in 1971 as Bed & Bath and expanded across the New York area.
In a letter, the store told shoppers it won't accept gift cards after May 8 and will stop taking those popular coupons on April 26.
Monday, customers bought large items and tried to fit whatever they could into their cars
"When my kids went to college, I came here and I got their bedding and all their plastic furniture," said shopper Fran Melton.
Earlier this year, Bed Bath & Beyond notified the New Jersey Department of Labor that it would be cutting 1,300 jobs. The store in Watchung closed before the bankruptcy announcement.
CBS2 asked several employees if they'd be getting severance or a bonus. They didn't know.
In court filings, Bed Bath & Beyond said it hopes to pull off a sale and keep some operations going.
Business analyst Carl Gould said Bed Bath & Beyond has been in trouble for some time, but the pandemic and the "Amazon effect" accelerated its demise.
"Target and Walmart had same-day pickup. You could order it online, swing by, pick it up that same day," said Gould.
CBS2 reached out to several attorneys representing Bed Bath & Beyond as well as the company's public relations department, but no one got back to us.
Bed Bath & Beyond told shoppers the big deals are likely to come on Wednesday.