The retailer Bed Bath & Beyond Inc. (NASDAQ: BBBY) filed for Chapter 11 bankruptcy on Sunday and will begin the process of closing all of its stores and liquidating inventory during the next two months.
In its bankruptcy filing, the Union, New Jersey-headquartered company reported $5.2 billion in debts and $4.4 billion in assets, with between 25,001 and 50,000 creditors. The company stated it will begin to liquidate 360 Bed Bath & Beyond stores plus an additional 120 shops under the Buy Buy Baby brand, adding it would seek a buyer for either some or all of its assets.
Bed Bath & Beyond expected to complete all sales at its remaining brick-and-mortar stores and have the properties vacated by June 30.
“We appreciate that our customers have trusted us through the most important milestones in their lives,” the company said in an email to shoppers. “Our stores are open and serving customers. However, we have initiated a process to wind down operations.”
Photo by Mike Mozart / Flickr Creative Commons
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