In early 2023, Bed Bath & Beyond alerted investors about its uncertain future, causing its stock to plummet nearly 30%. Wall Street analysts anticipated a potential Chapter 11 bankruptcy filing. By January 9, the company sought restructuring advice from AlixPartners and announced 62 store closures. Later, in January, the company's credit line was reduced, leading to the closure of its Harmon Face Values chain, several Buy Buy Baby stores, and numerous Bed Bath & Beyond locations.