Home goods retailer Bed Bath & Beyond filed for chapter 11 bankruptcy and is preparing to close its remaining stores, the company announced Sunday, after months of speculation the suffering chain would make the financial move.
In a statement, Bed Bath & Beyond said it filed chapter 11 bankruptcy in New Jersey, and has begun a “limited sale and marketing process for some or all of its assets.”
The brand expects to close its 360 Bed Bath & Beyond and 120 buybuy BABY stores, though the company said it could “pivot away from any store closings” if it finds a buyer.
Bed Bath & Beyond received $240 million from Sixth Street Specialty Lending, Inc. in funding to keep its retail locations and websites operating during the bankruptcy process.
Read more at Forbes.com
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