Republican lawmakers are reacting with caution to the news that Bed Bath & Beyond filed for Chapter 11 bankruptcy protection over the weekend. The home goods retailer struggled to make it through the holiday season and was unable to raise enough cash to stay afloat.
Despite the disappointing news, some Republicans are hopeful the situation will turn out alright for the company. Rep. Steven Scalise (R–LA) tweeted, “I’m keeping my fingers crossed that Bed Bath & Beyond can find a way to survive this difficult time. We need to make sure Americans can still access the products they need to build a better life.”
The company’s last–ditch efforts to raise money failed this past weekend, and they had to file for bankruptcy protection. Despite this, Bed Bath & Beyond maintains that it is still committed to its customers, employees, and partners. CEO Sue Gove thanked the company’s longtime customers and associates in a statement, saying, “Millions of customers have trusted us through the most important milestones in their lives. Our teams have worked with incredible purpose to support and strengthen our beloved banners, Bed Bath & Beyond and buybuy BABY.”
Republicans are also taking a closer look at the company’s financials to try and get a better understanding of what went wrong. Rep. Dan Crenshaw (R–TX) said, “We need to make sure that businesses like this are not taken advantage of by Wall Street or the banking system. We need to make sure businesses like Bed Bath & Beyond are not being strangled by debt and can remain open.”
The company has already closed 150 stores in 2022 and more closures are scheduled for 2023. It is unclear how the bankruptcy filing will affect those plans. People are concerned about the impact the closure of these stores will have on local communities, especially those that have already been hit hard by the pandemic.
Bed Bath & Beyond said Sunday that it filed for bankruptcy, after the 52-year-old retailer failed to fully reckon with the rise of online shopping. Closing sales at the company’s 360 Bed Bath & Beyond stores and 120 Buy Buy Baby stores will begin Wednesday.https://t.co/L01BoZ6ReL pic.twitter.com/IcHDs4SVbx
— The New York Times (@nytimes) April 23, 2023