Bed Bath & Beyond, a struggling home goods retailer, has filed for Chapter 11 bankruptcy protection on April 23. The company has decided to close all its remaining stores after its attempts to raise enough funds to keep the business afloat fell short.
The company has issued a statement that it will initiate an orderly wind-down of its business and explore limited marketing options to solicit interest in the sale of some or all of its assets. The statement also mentions that the company will continue to serve its customers through its 360 Bed Bath & Beyond and 120 buybuy BABY stores and websites.
The company has filed customary motions with the Court to maintain its commitments to customers, employees, and partners, including the payment of employee wages and benefits, maintaining customer programs, and honoring obligations to critical vendors. Bed Bath & Beyond President & CEO, Sue Grove, expressed her gratitude to the company's associates, customers, partners, and the communities they serve. She stated that the company is determined to serve them throughout this process and will work tirelessly to maximize the value for the benefit of all stakeholders.