A lot of people have grown up with it, ” said Neil Saunders, managing director of GlobalData Retail. to allow it to keep operating during the bankruptcy process. That’s drastically down from the 32,000 as of February 2022.īed Bath & Beyond said it secured a commitment of roughly $240 million in financing from Sixth Street Specialty Lending, Inc. The company employed 14,000 workers, according to the court filing. The store closings will put thousands of jobs at risk. In a statement, the company, based in Union, New Jersey, said it voluntarily made the filing “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 move comes after the company failed to secure funds to stay afloat. It listed estimated assets and liabilities in the range of $1 billion to $10 billion.
In the bankruptcy filing, the retailer said it anticipates closing all of its stores by June 30.įor now, the company’s 360 Bed Bath & Beyond stores and its 120 Buy Buy Baby sites as well as its websites will remain open to serve customers. District Court in New Jersey and said it will start an orderly wind down of its operations, while seeking a buyer for all or some of its businesses. The beleaguered home goods chain made the filing Sunday in U.S.
NEW YORK (AP) - Bed Bath & Beyond - one of the original big box retailers known for its seemingly endless offerings of sheets, towels and kitchen gadgets - filed for bankruptcy protection, following years of dismal sales and losses and numerous failed turnaround plans.
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