[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]On Sunday, the home goods retailer Bed Bath & Beyond ceased operations and filed for Chapter 11 bankruptcy. In a press release announcing the bankruptcy filing, the company stated that it had received a loan of approximately $240 million to help support operations while the bankruptcy process is underway.
For the time being, the company’s 360 Bed Bath & Beyond stores, as well as its 120 buybuyBABY stores, and its website, will remain open.
“Thank you to all of our loyal customers,” the company wrote on its website’s homepage. “We have made the difficult decision to begin the process of winding down our operations.”
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The company also stated that it intends to honour its commitments to customers, employees, and partners throughout the bankruptcy process, such as continuing to pay wages and benefits, fulfilling vendor obligations, and maintaining customer programmes.
However, it is unclear how long stores will be open and when employees will be paid.
Bed Bath & Beyond has been struggling for years, with sales steadily declining since 2018, and the company has been attempting to raise funds for the past year in order to avoid the fate announced on Sunday.
“Millions of customers have trusted us through the most important milestones in their lives — from going to college to getting married, settling into a new home to having a baby,” Sue Gove, president and CEO of Bed Bath & Beyond, said in a statement. “We deeply appreciate our associates, customers, partners and the communities we serve, and we remain steadfastly determined to serve them throughout this process.”
As of Monday morning, stock for the retail giant is down nearly 99% compared to five years prior.[/vc_column_text][/vc_column][/vc_row]
