Canadians stuck with worthless gift cards as Bed Bath & Beyond shutters its stores
A store that has long supplied shoppers with towels, sheets, pots, and pans is now officially out of business in Canada and is continuing to wind down its U.S. operations.
After 52 years in business, Bed Bath & Beyond filed for bankruptcy and closed its 54 Canadian stores four days earlier than planned this week, surprising some customers.
One woman who approached the Markham, Ont., location was turned away disappointed when she saw a sign saying the store was officially closed as she hoped to make one more visit.
“Over the years they hosted so many registries and supplied people with towels, sheets and all the good stuff you need. It’s sad to see them close,” the former customer said.
In a statement, the company said it had "substantially completed its wind-down process in Canada."
"All Canadian Bed Bath & Beyond stores are now closed. We thank our customers for their support," the company said.
Stefanie Vallee of Sudbury, Ont., still has a $100 gift card she was hoping to use, but when she went to a location near her she said she was told it was too late and that the card had no value after March 9.
“It's frustrating and disappointing”, Vallee said, adding she "would like [her] money back or [to] spend it in the store."
Stefanie Vallee was left with a worthless gift card. (Vallee)
At the height of its operations, Bed Bath & Beyond had more than 1,500 stores, including 54 in Canada and a share price of more than 80 dollars U.S. per share. As the company wound down its operations this week, the share price dropped to about 12 cents U.S.
The big box retailer had trouble keeping up with the shift to online shopping and its sales declined during the pandemic, according to Lisa Hutcheson, a retail analyst with J.C. Williams Group.
“They didn't come back from COVID-19 with any kind of pivot or strategy to create that compelling reason for the customer to come back into their stores,” Hutcheson said.
She said the chain was also too focused on coupons and discounts, and that many customers who were often sent 20 per cent off coupons never wanted to pay full price.
"The customer gets taught to never pay full price and they just wait until the next coupon comes," Hutcheson said.
The closure also serves as a lesson for consumers who have gift cards to use them before you lose them, Vallee said.
“It's better to use them as quickly as possible so you’re not stuck in this situation like I am right now with a $100 worthless gift card,” she said.
Analysts say the closure of Bed Bath & Beyond is a sign some big box stores that specialize in one area need to be careful, because if there's not a great reason to visit a store in person, some customers may decide to shop online instead.
CTVNews.ca Top Stories
Work stoppage possible as WestJet issues lockout notice to maintenance engineers' union
A lockout notice issued by WestJet to a union representing aircraft maintenance engineers could result in a work stoppage next week.
'I just can't believe that it took so long': Body found in wreckage 3 months after deadly fire
A man accused of arson in a January Old Strathcona apartment fire is expected to be charged with manslaughter after a body was discovered in the burned building late last month.
No proof man lied to brother about number of kittens born in litter, B.C. tribunal rules
A man was denied a $5,000 payout from his brother after a B.C. tribunal dismissed his claim disputing how many kittens were born in a litter.
Bodies recovered in Mexico likely 2 Australians, 1 American who went missing: officials
Three bodies recovered in an area of Baja California are likely to be those of the two Australians and an American who went missing last weekend during a camping and surfing trip, the state prosecutor’s office said Saturday.
BREAKING London Drugs begins 'gradual reopening' on 7th day after cyberattack
Almost a week after all London Drugs stores across Western Canada abruptly closed amid a cyberattack, they began a "gradual reopening" on Saturday.
Quebec police hand out hundreds of tickets to Hells Angels and other bikers before 'first run' meeting
Quebec provincial police handed out hundreds of fines to Hells Angels members and other supporting motorcycle clubs who met for their 'first run' in a small town near Sherbrooke, Que.
Auston Matthews skates ahead of Game 7, status unclear with season on the line
Auston Matthews was back on the ice with his teammates Saturday.
Russia puts Ukrainian President Zelenskyy on its wanted list
Russia has put Ukrainian President Volodymyr Zelenskyy on its wanted list, Russian state media reported Saturday, citing the interior ministry’s database.
Snakes almost on a plane: U.S. TSA discovers a bag with small snakes in passenger's pants
According to an X post by the Transportation Security Administration, officers at the Miami International Airport found the small bag of snakes hidden in a passenger's trousers on April 26 at a checkpoint.