Bed Bath & Beyond CEO Jonathan Johnson explains why Overstock.com was rebranded as an iconic retailer and how it plans to navigate the current economic climate.
Buybuy Baby is closing all of its stores about a year after new owners tried to revive the brand.
The company announced on its website that it recognized the need for a “strategic reset” and was moving to an online-only model.
“With this change in policy, we have made the difficult decision to close our physical stores by the end of this year,” the company said in a statement. “We understand this may be disappointing news, and we want all of our customers to know that this was not a choice made lightly.”
'Buy' 'Buy' baby products store to close as part of bankruptcy deal
After the announcement, Buybuy Baby launched a closing sale on almost every item in its store. Gift cards will be accepted in-store until October 31st. Shoppers can still use their gift cards online. The registry will continue to be available online, the company said.
The company's customer service team will contact customers regarding furniture orders.
buy buy Baby store with cart return rack in foreground, Cherry Hill, New Jersey, January 8, 2023. (Fox News)
Buybuy Baby's attempt at a brick-and-mortar revival didn't last long. The brand was a subsidiary of Bed Bath & Beyond Inc. until it filed for Chapter 11 bankruptcy in 2023 after years of weak sales and a failed turnaround plan.
BED BATH & BEYOND brand returns to physical stores
All Buybuy Baby stores have since been closed as part of the bankruptcy process.
Buybuy Baby's intellectual property assets were sold in July 2023 to Dream on Me Industries, a manufacturer and distributor of baby products and furniture, for the equivalent of $15.5 million.
Immediately, the new parent company announced plans to reboot its website and reopen 11 stores. According to ModernRetail.com, the company is reportedly aiming to expand nationwide with plans to reopen 100 stores over three years.
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The news comes as Beyond Inc., which owns brands such as Bed Bath & Beyond, Overstock and Zulily, announces it will invest $40 million in Container Store Group to relaunch some Bed Bath & Beyond products in stores. It was announced immediately after.
Under this new partnership, the companies will utilize sections within The Container Store's real estate stores to showcase the co-branded Bed Bath & Beyond assortment for kitchens, baths and bedrooms.
