(WWJ) – One of the country’s most popular big box stores is closing its doors after more than 50 years.
Bed, Bath, and Beyond has filed for bankruptcy, a move that comes after years of sagging sales and numerous failed turnaround plans.
Many have been predicting the store's demise, and Oakland University Business Professor Michael Greiner says the company’s missteps piled up fast.
“This is an example of a company that one thing happened after another that was wrong,” Greiner said live on WWJ Monday. “They started to have trouble paying their debts, so as a result then, the suppliers didn’t want to give them the inventory. So then they weren’t able to fill the stores with the things that people want to buy, and as a result, people weren’t going to the stores.
But what inventory remains will be available at a discount until the official closing. The company announced it plans to stop accepting coupons on Wednesday, when it will begin store closing sales.
Gift cards will be accepted until May 8, and while no firm date has been set for the full closure, officials say returns and exchanges will be accepted until May 24.
While many stores have been shuttered over the last year, there are still 13 locations open in Michigan, according to the Bed Bath & Beyond website. That includes seven in Metro Detroit.
Here are the locations Metro Detroiters can visit to use any coupons on Tuesday or score any store-closing deals beginning Wednesday:
• Beverly Hills -- 31535 Southfield Road
• Novi -- 43610 West Oaks Drive
• Rochester Hills -- 1242 South Rochester Road
• Gratiot Plaza (Roseville) -- 30801 Gratiot Avenue
• Sterling Heights -- 12020 Hall Road
• Taylor -- 23871 Eureka Road
• Oakland Square (Troy) -- 650 John R. Road*
*NOTE: The Troy location was said to be closing, according to reports over the winter, but the company's website currently says it will be "open after a week."
More information, including a list of frequently asked questions about the closure, can be found on the company’s website.
“Thank you to all of our loyal customers,” the company said on its website. “We have made the difficult decision to begin winding down our operations.”
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