Bed Bath & Beyond filed for bankruptcy on Sunday after warning for months that it may have to resort to the measure following poor holiday sales.
filed for Chapter 11 bankruptcy protection Saturday, after last-minute attempts to keep the company afloat failed.that it may have to file for bankruptcy due to its shockingly poor sales during the 2022 holiday season. The home goods retail store's last-ditch efforts to raise cash to cover costs failed this weekend.
"Bed Bath & Beyond Inc. today announced that it and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey 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 wrote in a statement.
"The Company’s 360 Bed Bath & Beyond and 120 buybuy BABY stores and websites will remain open and continue serving customers as the Company begins its efforts to effectuate the closure of its retail locations," the statement continued.
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