Bed Bath & Beyond has filed for bankruptcy protection, however its retail outlets and internet sites will stay open and proceed serving shoppers, the corporate stated.
The beleaguered home items chain made the submitting Sunday in U.S. District Court in New Jersey, record its estimated belongings and liabilities within the vary of $1 billion and $10 billion. The transfer comes after the corporate did not protected budget to stick afloat.
In a remark, the corporate primarily based in Union, New Jersey, stated it voluntarily made the submitting “to implement an orderly wind down of its businesses while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets.”
The company stated its 360 Bed Bath & Beyond and 120 Buy Buy Baby retail outlets and internet sites will stay open and proceed serving shoppers because it “begins its efforts to effectuate the closure of its retail locations.”
The corporate stated it additionally intends to uphold commitments to shoppers, staff and companions.
Earlier this yr, Bed, Bath & Beyond introduced it could be shuttering 87 retail outlets in 2023 so that you could stave off bankruptcy. The chain closed 150 places remaining yr.
Retail mavens informed CBS News in February that the once-popular store doomed itself years in the past because of unhealthy industry choices, together with purchasing again an excessive amount of of its personal inventory, being sluggish to transition to e-commerce and introducing personal label merchandise that few shoppers sought after.
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