The rise and fall of Bed Bath and Beyond: From $14B to bankruptcy

Rode the category killer wave perfectly — built superstores stacked floor-to-ceiling with homegoods at discount prices. Gamified shopping with endless 20% off coupons that trained customers to hunt for deals. Hit 1,000 stores and became the dominant homegoods chain.

Founders didn't get the internet — admitted it outright. While Target and Walmart poured billions into omnichannel in the 2000s, Bed Bath & Beyond kept mailing coupons and stuffing stores. Meanwhile, leadership spent $11.8B on stock buybacks (even borrowed to do it) instead of building e-commerce. Then activist investors brought in a Target exec who killed the beloved coupons and replaced name brands with low-quality private label. Customers stopped coming.

Chapter 11 bankruptcy, April 2023. All 1,500 stores closed. Overstock.com bought the name for $21.5M and rebranded itself as Bed Bath & Beyond — now an e-commerce site only.