Struggling Bed Bath & Beyond files for bankruptcy protection
BAGE SUGAITE, HARRISBURG, PENNSYLVANIA, UNITED STATES - 2023/04/18: Cars are seen in the parking lot of the Bed Bath & Beyond store at the Paxton Towne Centre near Harrisburg. (Photo by Paul Weaver/SOPA Images/LightRocket via Getty Images)
UNION, N.J. - Bed Bath & Beyond has filed for bankruptcy protection, but its stores and websites will remain open and continue serving customers, the company said.
The beleaguered home goods chain made the filing Sunday in U.S. District Court in New Jersey, listing its estimated assets and liabilities in the range of $1 billion and $10 billion. The move comes after the company failed to secure funds to stay afloat.
In a statement, the company based in Union, New Jersey, said it voluntarily made the filing "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 firm said its 360 Bed Bath & Beyond and 120 Buy Buy Baby stores and websites will remain open and continue serving customers as it "begins its efforts to effectuate the closure of its retail locations."
The company said it also intends to uphold commitments to customers, employees and partners.