Bed Bath & Beyond has filed for bankruptcy protection, but its stores and websites will remain open and continue to serve customers, the company said.
The troubled home goods chain filed Sunday in U.S. District Court in New Jersey, listing its estimated assets and liabilities at between $1 billion and $10 billion. The move comes after the company failed to secure funding to stay afloat.
In a statement, the Union, New Jersey-based company said it made the voluntary filing “to facilitate the orderly execution of its business 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 to serve customers as it “begins its efforts to close its retail locations.”
The company said it intends to maintain its commitment to customers, employees and partners.
Earlier this year, Bed, Bath and Beyond announced it would be shuttering 87 stores in 2023 in an attempt to stave off bankruptcy. The chain closed 150 locations last year.
retail experts told CBS News in February The once-popular retailer self-destructed a few years ago as a result of bad business decisions, including buying too much of its own stock, being slow to convert to e-commerce and introducing private label products that few customers wanted.
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