Customers of Bed Bath & Beyond have been accustomed to using the popular 20% off any single item coupons the retailer has mailed out for years. With the retailer filing for bankruptcy and ending the use of the coupon, customers could be searching for new places to shop.
Two retailers are accepting the 20% off coupons in a potential marketing move that could help their own struggling stock prices.
What Happened: Bed Bath & Beyond filed for bankruptcy protection in late April as the company has seen its shares fall over 90% in the last year and the company struggled with liquidity.
The company has locations of Bed Bath & Beyond and BuyBuy Baby stores open during its wind-down process, but will no longer allow customers the ability to use its famous 20% off coupons, according to Retail Dive.
Bed Bath & Beyond Chief Financial Officer Holly Etlin credited the success of the coupon in court documents recently, saying they were “one of the greatest retail coupons of all time.” Etlin said the coupons helped the company’s “financial success” and a decision to lower the prioritization of the coupons may have led to struggling sales.
Benzinga examined how several retailers could gain from the bankruptcy and closing of Bed Bath & Beyond, including two retailers capitalizing on the famous 20% off coupons.
The Container Store Group announced it would offer a 20% discount on any single item in its stores for customers who present “a competitor’s blue coupon,” choosing not to name its rival retailer. The offer is good through May 31 and was part of an announcement of a new collection aimed at college students by the retailer.
A tweet from The Container Store also highlighted the promotion and responded to people that even expired 20% off coupons would be accepted.
“Don’t toss those coupons just yet! We will accept any competitor’s blue coupon for a limited time. We’re here for you. Welcome to the organization,” the company tweeted.
Big Lots Inc. announced it will honor the 20% off coupons from Bed Bath & Beyond, sharing the news in a press release.
“At Big Lots, our mission is to help people live big and save lots, which means we’re always thinking of ways to step up and deliver even more value to consumers,” Big Lots CEO Bruce Thorn said. “For anyone who has missed their last opportunity to redeem one of these coupons, Big Lots is opening our doors to help you save on your entire purchase.”
The Big Lots offer expired May 7, but allowed customers the chance to get 20% off their entire purchase of $50 or more.