Bed Bath & Beyond — one of the original big box retailers — has filed for bankruptcy protection
and said that its store and websites will remain open — for now. It listed estimated assets and liabilities in the range of $1 billion and $10 billion. The move comes after the company failed to secure funds to stay afloat.
The firm said its 360 Bed Bath & Beyond and 120 Buy Buy Baby stores and websites will remain open and continue serving customers as it “begins its efforts to effectuate the closure of its retail locations.” The filing comes as the company’s shares have tumbled even more as speculation of an impending bankruptcy filing increased. Its financial performance has also deteriorated. In late March, it noted that preliminary results showed anywhere from a 40% to 50% decline in sales at stores opened at least a year for the quarter ended Feb. 25.
The home goods retailer had been issuing several warnings about a potential bankruptcy filing since earlier this year. In late January, it noted in a government filing it was in default of its
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