Following years of dismal sales and losses, US retailer Bed Bath & Beyond on Sunday filed for bankruptcy. The company has listed its assets and liabilities in the range of $1 billion to $10 billion.
The move comes after numerous failed attempts to secure funds to stay afloat.
A banner on Bed Bath & Beyond’s website on Sunday said: “Thank you to all of our loyal customers.” The company was founded in 1971.
The company in a statement said, “360 Bed Bath & Beyond and 120 buy 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 beleaguered company 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.”
Bed Bath & Beyond CEO Sue Gove said the company will continue working diligently to maximize value for the benefit of all stakeholders.
“We deeply appreciate our associates, customers, partners, and the communities we serve, and we remain steadfastly determined to serve them throughout this process,” added Gove.
The retailer, based in Union, New Jersey, said that it has secured around $240 million in financing from Sixth Street Specialty Lending, Inc. to keep operating during the bankruptcy process.
In late January, the company had said in a government filing that it was in default of its loans and didn’t have funds to repay debt.
In a Securities and Exchange Commission filing in March, Bed Bath & Beyond had said that it planned to sell $300 million worth of shares to avoid bankruptcy.
Last year in August, the company had announced that it would shut about 150 namesake stores and cut its workforce by 20%.
The company filed voluntary petitions for relief under chapter 11 at the United States Bankruptcy Court for the New Jersey district.