Bed Bath & Beyond files for bankruptcy protection: What to know about final sales, coupon deadline

PHILADELPHIA (WPVI) -- Bed Bath & Beyond customers are scrambling to use coupons and redeem gift cards in light of the company's filing for bankruptcy protection.

The company closed dozens of locations in the last year, a number of them in the tri-state area.

And now the company says it's liquidating its remaining stores.

Many customers are heartbroken.

"I'm upset that the store is closing, one of my favorite stores to go to," said Shirley Davis of Westampton, New Jersey.

"Hopefully they don't, they're still in negotiations," said Pedro Claudio of North Philadelphia. "We like to shop here."

SEE ALSO: Here's how long you have to use Bed, Bath & Beyond coupons after chain's bankruptcy

Bed Bath & Beyond will begin its going-out-of-business sales beginning Wednesday, April 26.

But if you're planning to shop for bargains, be aware inventory on many items is low.

"Something in particular I wanted, the shelves are empty. They have none left," said Kay Ritter of Schamong, New Jersey.

The company says the remaining 360 Bed Bath & Beyond and 120 buybuy BABY stores and websites will remain open for now as the company winds down its business and tries to find a buyer. It also says all in-stock online orders will be fulfilled.

"Think from a consumer standpoint, a big reminder here is if you have gift cards and coupons, you want to be using those as soon as possible," said Ted Rossman of Bankrate.com.

Tuesday, April 25 is the last day to use those popular blue and white coupons. Stores will stop accepting them on Wednesday, April 26.

Gift cards and certificates are good through May 8.

"Especially with a lot of changes in the retail industry, it's better to use these before it's too late," said Rossman. "Our research has found that about half of Americans have unused gift cards. And the average value per person is about $175."

The retail giant, in business since 1971, was slow to transition to online shopping while Amazon, Walmart, and Target have grown.

Its Chapter 11 filing comes just days after David's Bridal filed for bankruptcy protection for a second time.

"Unfortunately, I think between changing customer tastes and just the overall economic climate in recent months, we have started to see customers pull back," said Rossman.

Bed Bath & Beyond customers should also be aware that items purchased before Wednesday can be returned or exchanged until May 24. Anything you buy on Wednesday or later is a final sale.

As for wedding and baby registries, the company says they are safe and plans to add an alternative platform and will email customers about those plans in the coming days.

The company says it will stop some of the store closings if a last-minute buyer steps in. The company currently employs about 14,000 people, which is down from 32,000 last year.

Welcome Rewards points will stop being accepted on May 15, and they will not give award points with purchases starting on April 30.