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The company filed voluntary petitions for relief under chapter 11 at the United States Bankruptcy Court for the New Jersey district. Last year in August, the company had announced that it would shut about 150 namesake stores and cut its workforce by 20%. 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. 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.

to keep operating during the bankruptcy process. The retailer, based in Union, New Jersey, said that it has secured around $240 million in financing from Sixth Street Specialty Lending, Inc. “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 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."īed Bath & Beyond CEO Sue Gove said the company will continue working diligently to maximize value for the benefit of all stakeholders. The company in a statement said, “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."