NEW YORK (WABC) -- The beleaguered Bed Bath & Beyond has filed for Chapter 11 bankruptcy and the 52-year-old retailer will begin "winding down" its 360 stores along with 120 buybuy Baby locations.
The stores will remain open for a liquidation sale starting this Wednesday, but what does it mean if you have a gift card or a 20% off coupon or if you're just looking for a bargain?
After reading about Bed Bath & Beyond's bankruptcy, Dee Diggs hightailed it to the Chelsea store from Brooklyn to spend the gift card her daughter-in-law gave her for Christmas.
"It was in my wallet for longest time, when I heard aobut it I said I gotta go," Diggs said.
Customers have just two weeks to redeem gift cards for both Bed Bath & Beyond and buybuy Baby. The deadline to use any value on gift cards is May 8.
You may be better off redeeming online, as many locations, like the one in Lincoln Center, have already closed.
The struggling retail store for home staples filed for Chapter 11 over the weekend.
"If this goes under then I'm just wasting my money on membership benefits," said rewards member Ryan Supansky.
Supansky paid for membership at Bed Bath & Beyond and Harmon, a subsidiary which shuttered earlier this year amid the retail giant's financial problems.
The Welcome Rewards points that customers collected will stop being accepted on May 15.
As for the 20% coupons everyone loves to hoard -- you have until Tuesday to use them or lose them.
The coupon deadline is April 26, so spend your stash in the next 24 hours because the company won't allow you to tack 20% on top of liquidation prices coming down the pike as it sells off merchandise.
"If there's anything you've been meaning to buy from Bed Bath and Beyond, the next coming weeks are going to be your chance," said shopping expert Kristin McGrath with RetailMeNot.
McGrath said the stores are still not clear on what they are doing with gift registries yet either. Your wish list data on buybuy Baby and Bed Bath and Beyond websites is safe for now, but purchases will no longer be allowed.
"They say they're going to transfer registries to a competing site that has similar products and those who have registered need to check the site and their email for updates," McGrath said.
What is certain though is deep discounts around the corner -- expect 10 to 20% off at first then up to 70% and 80% off prices as inventory gets slim.
While it is good news for consumers, a brick and mortar store fan says it is bad news for shoppers as a whole. She blames online shopping on Amazon for the outlet's demise.
"We are not getting these stores back and its a monopoly really, it forces people out of business," shopper Rose said.
If you bought anything from the soon-to-be shuttered stores and need to return it, the retailer will accept anything bought before Wednesday April 26 until May 24.
So take advantage of discounted merchandise -- just remember anything purchased after Wednesday will be a final sale.
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