MICHIGAN — With the news of Bed Bath & Beyond filing for Chapter 11 bankruptcy and closing all stores by June 30 2023, consumers may be scrambling to use those coveted coupons, clear wedding and baby registries, or hope their current order will still arrive. After 52 years in business, the process of closing the company’s 360 locations and 120 Buy Buy Baby locations begins Wednesday.
The Better Business Bureauhas tips on what to do if you still have funds involved in a business that's closing for good.
“It can seem really scary when a business suddenly announces bankruptcy, but that doesn't necessarily mean all is lost," Better Business Bureau marketing and community relations specialist Katie Grevious said.
Make sure you collect receipts, proof of purchase and other documents. This will help you prepare if you have to talk to customer service and request a resolution if a business goes under.
Make sure you also check with the bank or credit card you used to make the purchase at the now-closed company. You may be able to dispute the transaction due to failure to receive goods or services. Bed Bath & Beyond says they will fill all in-stock orders.
"Depending on who your credit card company is, they may be able to get that money back for even a partial refund," Grevious said. "And that's sometimes your only option.”
Try to contact the company to complete the transaction or resolve any issues you have as well. Some closed companies will offer an email, website, or phone number to contact for more information. Customers with questions dealing specifically with Bed, Bath & Beyond can email BBBYInfo@ra.kroll.com or call (833) 570-5355. For those calling from outside the U.S. or Canada, the number is (646) 440-4806.
For returns, if you have a warranty for an item you bought at the store, look into whether the manufacturer or the store issued the warranty. Bed Bath & Beyond says they will accept returns and exchanges for items purchased before April 26, 2023 until May 24, 2023.
Lastly, if you have a gift card with funds still on it, use it as soon as you can. Bed, Bath & Beyond is allowing customers to use gift cards through May 8, 2023. Coupons expire Wednesday.
David's Bridal also filed for bankruptcy last week, causing stress for many soon-to-be brides and grooms, you can find their policies and restructuring plan here.
