Bed Bath & Beyond filed for bankruptcy.
Photo: Joe Raedle/Getty Images
Bed Bath & Beyond filed for bankruptcya, after years of losses and after several failed recovery plans.
The housewares chain filed for bankruptcy in the District Court in New Jersey.
“Bed Bath & Beyond Inc. announced today that the store and certain of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code. in the United States Bankruptcy Court for the District of New Jersey,” the company statement said. This is to implement an orderly liquidation of its businesses, while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets.
It was anticipated that, for now, websites and stores will remain open.
In its bankruptcy filing, the company listed estimated assets and liabilities in the range of $1 billion to $10 billion.
The company makes the decision after it was unable to secure more funds to continue its operation, it acknowledged in a statement.
For now there are no reports of what will happen to the more than 30,000 employees of the company, but the company assured that it will maintain “its commitments”, even with its suppliers.
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