 | |
 Buy Buy Baby store in Southfield, Michigan | |
| Company type | Subsidiary |
|---|---|
| Industry | Retail |
| Genre | Baby needs |
| Founded | 1996 |
| Founders | Richard Feinstein Jeffrey Feinstein |
| Headquarters | U.S. |
Number of locations | 11 (November 2023) |
Area served | United States |
| Products | Baby products |
| Services | registry and photography plus online ordering |
| Parent | Bed Bath & Beyond Inc. (2007–2023) Dream On Me (2023-present) |
| Website | www |
Buy Buy Baby (stylized buybuy BABY) is an American big-box retail chain selling clothing, strollers, and other items for use with infants and young children. At its peak, it operated 137 stores across the United States.[1] It was a subsidiary of Bed Bath & Beyond Inc., headquartered in Union, New Jersey, and closed all remaining stores following Bed Bath & Beyond's bankruptcy in 2023. However, Dream On Me bought 11 store leases via bankruptcy auction and has announced an intention to reopen stores by November 2023. The store is now distanced from Bed Bath & Beyond.
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Transcription
History
Buy Buy Baby was founded in 1996 by Richard and Jeffrey Feinstein, sons of Bed Bath & Beyond co-founder Leonard Feinstein.[2][3][4] The first location opened in Rockville, Maryland, in May 1996.[5][failed verification] The chain consisted of eight stores when it was acquired by Bed Bath & Beyond in 2007 for $67 million.[2][3][4] Its primary competitor was Babies "R" Us, prior to that chain's closure in 2018.[6][7]
Bankruptcy and liquidation
As its parent experienced financial distress in the early 2020s, Buy Buy Baby was initially largely unaffected. However, in January 2023, the company announced the closure of five Buy Buy Baby locations, alongside the liquidation of sister chain Harmon Face Values.[8] The following month, Bed Bath & Beyond announced the company's withdrawal from Canada; all eleven Buy Buy Baby stores in Canada were closed by that April.[9]
On April 23, 2023, Bed Bath & Beyond officially filed for Chapter 11 bankruptcy protection in the United States, and announced that it would be winding down its operations.[10][11][12] All remaining Buy Buy Baby stores began liquidation sales on April 27, with the last stores closing on July 30, 2023.[13][14][15]
New owners and revival
Efforts to sell the chain continued until July, with no adequate bids submitted. In June 2023, a $15.5 million sale of the chain's name and intellectual property to New Jersey-based Dream On Me was confirmed.[16] Dream on Me also bought the leases to 11 Buy Buy Baby stores, which it plans to reopen, followed by up to 120 stores within three years.[17] Buy Buy Baby's website is also expected to reopen.[18]
On October 25, 2023, Buy Buy Baby announced they would be reopening eleven previously shuttered locations. All eleven locations opened by November 18. The Buy Buy Baby website is slated to be open by the end of the month. Over 100+ more stores are set to open over the next three years.[19]
References
- ^ "Bed Bath & Beyond Inc. Reports Fiscal 2022 Third Quarter Results". Bed Bath & Beyond. January 10, 2023. Retrieved May 2, 2023.
- ^ a b "Bed Bath & Beyond Inc. Announces the All Cash Acquisition of buybuy BABY". Bed Bath & Beyond. March 22, 2007. Retrieved March 15, 2022.
- ^ a b Bandell, Brian (September 5, 2018). "Co-founders of BuyBuy Baby pay $21M for new mansion in Palm Beach". South Florida Business Journal. Retrieved January 31, 2023.
- ^ a b Euler, Laura (June 21, 2022). "Buy Buy Baby Founders Wave Bye-Bye to Gatsbyesque Long Island Estate". Dirt. Retrieved January 31, 2023.
- ^ "'Baby Superstore' suffering growing pains". The Daily Journal. Vineland, New Jersey. May 29, 1996 – via Newspapers.com.
- ^ Mannes, Tanya (April 27, 2012). "Will new baby megastore compete with Babies R Us?". The San Diego Union-Tribune. Retrieved March 15, 2022.
- ^ Hirsch, Lauren (June 29, 2018). "Toys R Us stores close Friday, leaving behind nostalgia, anger and a chance of revival". CNBC. Retrieved March 15, 2022.
- ^ Tyko, Kelly (January 31, 2022). "Bed Bath & Beyond closing more stores, all Harmon locations". Axios.
- ^ "Bed Bath & Beyond to wind down Canada operations". Reuters. February 10, 2023. Retrieved February 11, 2023.
- ^ Selyukh, Alina (April 23, 2023). "Homeware giant Bed Bath & Beyond has filed for bankruptcy". NPR.
- ^ Fonrouge, Gabrielle (April 23, 2023). "Bed Bath & Beyond files for bankruptcy protection". CNBC. Retrieved April 23, 2023.
- ^ "Bed Bath & Beyond files for bankruptcy protection". CNBC. April 23, 2023. Retrieved April 23, 2023.
- ^ Perkins, Maddy (April 26, 2023). "Bed Bath & Beyond is closing permanently — and its closing sale is underway. Here's how to get the best deals right now". MarketWatch. Retrieved April 30, 2023.
- ^ Holman, Jordyn; Kelley, Lora; Hirsch, Lauren (April 24, 2023). "Bed Bath & Beyond Shoppers Rush to Use All Those Coupons". The New York Times. ISSN 0362-4331. Retrieved April 30, 2023.
- ^ Sangalang, Jennifer (July 25, 2023) [July 17, 2023]. "Bed Bath and Beyond, Buy Buy Baby stores in Florida to officially close July 30. See the list". Florida Today. Retrieved July 25, 2023.
- ^ Knauth, Dietrich (July 7, 2023). "Bed Bath & Beyond ends auction for Buy Buy Baby stores". Reuters. Retrieved July 9, 2023.
- ^ Fonrouge, Gabrielle (August 17, 2023). "Several Buy Buy Baby, Harmon stores to reopen after buyers scored deals on the bankrupt brands". CNBC. Retrieved August 18, 2023.
- ^ Bary, Emily (August 17, 2023). "Some Buy Buy Baby and Harmon stores will reopen after Bed Bath & Beyond bankruptcy". MarketWatch. Retrieved August 18, 2023.
- ^ "BuyBuy Baby plots 100 stores; will open 11 on Nov. 18 — here are the locations". Chain Store Age. November 13, 2023. Retrieved November 18, 2023.
External links
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This page was last edited on 30 March 2024, at 07:13