Photo: Bruce Bennett/Getty

WESTBURY, NEW YORK - SEPTEMBER 15: A general view of a Bed Bath & Beyond store on September 15, 2022 in Westbury New York, United States. Many families along with businesses are suffering the effects of inflation as the economy is dictating a change in spending habits. (Photo by Bruce Bennett/Getty Images)

Bed Bath & Beyondhas officially filed for bankruptcy.

With store closures approaching across the country, customers have until the end of Tuesday, April 25, to redeem the company’s famous blue coupons before they are deemed invalid.

“We will no longer accept coupons or Welcome Rewards+ discounts beginning April 26, 2023,” a Bed Bath & Beyond representative confirmed to PEOPLE.

JLN Photography/Shutterstock

Mandatory Credit: Photo by JLN Photography/Shutterstock (13885424c) Illustration photography of 20% discount coupons display as the home goods retailer Bed Bath & Beyond store retailer filed for Chapter 11 bankruptcy protection. The stores will stay open for now, but the last day to use its 20% coupons for discounts is Tuesday, April 25 Bed Bath & Beyond store retailer filed for Chapter 11 bankruptcy protection, USA - 24 Apr 2023

The rep adds that while the company’s policies may keep changing during this uncertain time, “We expect customers can continue to redeem gift cards through May 8, 2023.” As for returns and exchanges, they will be “processed in accordance with our usual policies until May 24 for items purchased prior to April 23, 2023.”

More information about the company’s closing process can be found in theChapter 11 FAQon their website.

Joe Raedle/Getty

MIAMI, FLORIDA - APRIL 24: Customers shop in a Bed Bath & Beyond store on April 24, 2023 in Miami, Florida. Bed Bath & Beyond announced that it filed for Chapter 11 bankruptcy protection and plans to wind down its business and sell off assets while hoping to find a buyer. (Photo by Joe Raedle/Getty Images)

In January, PEOPLE reported that the home store was preparing to file for bankruptcy after announcing the closure of 87 stores. The company had previously shut down 150 locations in August 2022.

The retail chain shared a business update on January 5, revealing that it had lost $385 million in the third quarter of 2022. In sales that quarter, the home store only made $1.2 billion — a significantly lower amount compared to the $1.8 billion made in the third quarter of 2021.

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In a statement at the time, CEO Sue Gove said that Bed Bath & Beyond had a “clear vision for the future” and had “strengthened [its] leadership team” to facilitate the “turnaround” needed.

source: people.com