Bed Bath & Beyond has filed for bankruptcy protection, but the company says its stores and websites will remain open and continue serving customers.
FILE - A Bed Bath & Beyond customer enters a store in Mountain View, Calif., Wednesday, May 9, 2012. The beleaguered home goods chain made the filing Sunday, April 23, 2023 in U.S. District Court in New Jersey, listing its estimated assets and liabilities in the range of $1 billion and $10 billion. NEW YORK — Bed Bath & Beyond — one of the original big box retailers — has filed for bankruptcy protection, following years of dismal sales and losses and numerous failed turnaround plans.
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 filing comes as the company’s shares have tumbled even more as speculation of an impending bankruptcy filing increased. Its financial performance has also deteriorated. In late March, it noted that preliminary results showed anywhere from a 40% to 50% decline in sales at stores opened at least a year for the quarter ended Feb. 25.The company also said in a Securities and Exchange Commission filing in late March that it planned to sell $300 million worth of shares to avoid bankruptcy filing.
and didn’t have the funds to repay what it owes. The company had said the default is forcing the company to look at various alternatives including restructuring its debt in bankruptcy court.on Jan. 5 that it was considering various options including filing for bankruptcy and said that there was “substantial doubt” that it could stay in business. A week later, Bed Bath & Beyond posted a 33% drop in sales and a widening loss for the fiscal third quarter, ended Nov.
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