An FAQ page about the retailer's Chapter 11 filing stated that going-out-of-business sales began on April 26. Any returns and exchanges for items bought before that date will be permitted until the end of the May 24 business day. Shopper rewards and merchandise credits would no longer be honored after May 8, the company added.
As part of the bankruptcy, Buybuy Baby will be closing 120 stores nationwide by June 30. The closures mean that thousands who worked at the baby retail store will be out of jobs. They will be joining the many other employees at 360 BBB locations across the country.
Buybuy Baby was established in 1996 by siblings Richard and Jeffrey Feinstein, whose father is BBB co-founder Leonard Feinstein. The elder Feinstein's firm acquired the smaller retail chain in 2007 for $67 million, with eight stores at the time of acquisition.
In February, Reuters reported that BBB's Canadian operations are shutting down for good. It cited a Feb. 10 court filing from the company posted on the website of consultancy firm Alvarez and Marsal. According to the filing, BBB's Canada division lacks the capacity or ability to independently effect a recapitalization or restructuring of the Canadian operations without access to cash and support from the parent company and its lenders. It had been operating 54 BBB stores and 11 Buybuy Baby stores in Canada at the time of the filing. However, BBB filed for Chapter 11 bankruptcy protection on April 23 after failing to secure funds to stay afloat. In a statement released on the same day, the company announced that retail stores and websites – including Buybuy Baby – will remain open and continue serving customers as the liquidation process commences.Global TECH LAYOFFS in 2023 surpass last year’s total; more job cuts still to come
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