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Container Store, Big Lots make play for Bed Bath & Beyond customers — here's how to benefit

Retailers are angling to attract former Bed Bath & Beyond customers by giving them a special deal.
/ Source: TODAY

After Bed Bath & Beyond announced Chapter 11 bankruptcy on April 23, the company has started the process of "an orderly wind down" of operations in all 360 stores across the United States.

The news comes on the heels of a year of declining sales, closures, and last-ditch financing efforts to keep the retailer afloat.

The company's closing sale starts April 26 and will run until May 24.

However, the famous Bed Bath & Beyond coupons — the large blue 20%-off ones — expired on April 27.

That said, if you still have one (or a few) sitting at home, The Container Store, Big Lots, and Kirkland's Home all plan to honor their competitor's coupon.

In a statement, Big Lots said the company will accept the coupons now through May 7, 2023 on entire purchases of $50 or more.

Meanwhile, The Container Store announced it will also accept the coupon for a 20% discount on any single item through May 31.

Kirkland's Home confirmed to that the coupons will be honored on a single item through May 31 as long as they are redeemed in store.

All three chains said all locations are participating in the schadenfreude-fueled discount.

As for Bed Bath & Beyond (and subsidiary Buy Buy Baby stores), the closing sales featuring "deep discounts" will run online, in stores and on the app. All sales are final going forward, though the company said in a statement their staff is expecting to accept returns and exchanges for things purchased April 26 through May 24.

What next?

Though the store has filed for bankruptcy, the company could still find a buyer willing to keep operations running in some fashion.

"Bed Bath & Beyond has pulled off long shot transactions several times in the last six months, so nobody should think Bed Bath & Beyond will not be able to do so again," the company’s chief financial officer and chief restructuring officer Holly Etlin wrote in a declaration to New Jersey’s bankruptcy court. "To the contrary, Bed Bath & Beyond and its professionals will make every effort to salvage all or a portion of operations for the benefit of all stakeholders.”

As of Thursday afternoon, the company's stock had hit a new 52-week low, according to CNBC, trading at $0.1165 at the closing bell.