After substantial loss in sales over the past year, Bed Bath & Beyond files for bankruptcy protection in New Jersey on Sunday.
One of the biggest home good retail chain, Bed Bath & Beyond has officially filed for bankruptcy. The news comes after the company was unable to collect enough funds to stay afloat. The company has, however, said that even through the bankruptcy protection, they will continue to keep their websites and stores open, allowing customers to shop.
The company that was founded in 1971 grew to operate at all 50 states of the US, including Canada, Mexico and Puerto Rico. The decline in sales started last year, culminating to a total loss of $386 million at the end of the past quarter.
It was reported that the retail store filed for bankruptcy protection voluntarily on Sunday, at the US District Court in New Jersey, USA. The company was reportedly seen listing their assets and liabilities that ranged from $1-$10 billion.
Customers can be assured that 360 Bed Bath & Beyond and 120 Buy Buy Baby stores and websites will continue as per usual, the company fully intends to uphold their prior commitments to employees, customers and partners. In a statement, CEO Sue Gow said, “We deeply appreciate our associates, customers, partners and the communities we serve, and we are determined to serve them throughout this process.”