Struggling Bed Bath & Beyond files for bankruptcy protection

UNION, N.J. –

Bed Bath & Beyond has filed for chapter safety, however its shops and web sites will stay open and proceed serving clients, the corporate mentioned.

The beleaguered house items chain made the submitting Sunday in U.S. District Court in New Jersey, itemizing its estimated belongings and liabilities within the vary of $1 billion and $10 billion.

The transfer comes after the corporate didn’t safe funds to remain afloat.

In an announcement, the corporate primarily based in Union, New Jersey, mentioned it voluntarily made the submitting “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 agency mentioned its 360 Bed Bath & Beyond and 120 Buy Buy Baby shops and web sites will stay open and proceed serving clients because it “begins its efforts to effectuate the closure of its retail locations.”

The firm mentioned it additionally intends to uphold commitments to clients, staff and companions.