Consumer Alert: Bed Bath and Beyond is bankrupt. Here’s what you need to know
ROCHESTER, N.Y. – Our consumer alert looks at your rights when a retailer goes belly up. This following Sunday’s announcement that Bed Bath, and Beyond is declaring bankruptcy and closing all stores. This is a popular store for wedding registries, and company leaders say your registry data is safe, but they’re transferring it to “an alternative platform” and have not announced what that platform is. The same is true for parents-to-be who registered with Buy Buy Baby, owned by the same company. As for that ubiquitous 20 percent off coupon, it’s only good Monday and Tuesday. On Wednesday, April 26th, the liquidation sales begin.
We all saw this coming, but it’s still hard to believe that this behemoth of bed and bath goods is indeed going to the great beyond. There have been a multitude of life boats thrown to save this drowning company, store closures, executive firings, even the forced exit of the founders. Company leaders announced earlier this year it was closing its store in Victor as well as its Buy Buy Baby store in Henrietta. But shoppers in our area believed we would still have Bed Bath and Beyond store in Henrietta and the online option. Not anymore. So if you have a Bed Bath and Beyond or Buy Buy Baby gift card, you can use it and get full value until Monday, May 8th.
When a bankrupt retailer starts liquidation, often the merchant no longer owns the merchandise. So the court usually sets the length of time that the merchant will accept gift cards. If you don’t get there in time to spend it, you can ask your credit or debit card company to reverse the charges. Many will do that. You can file a complaint with the consumer division of the attorney general’s office.
And you can submit a proof of claim with the company’s claims agent, Kroll LLC , at BBBYInfo@ra.kroll.com, (833) 570-5355.
Remember, in a bankruptcy proceeding, your gift card is unsecured debt. That means you’re at the back of the line because those holding secured debt get paid first. The best bet with any gift card is to spend it immediately. And do you have a return? Anything purchased before Wednesday, April 26th, can be returned or exchanged until May 24th.