Key takeaways:
- Bed Bath & Beyond has filed for bankruptcy protection in the U.S. District Court in New Jersey.
- The company has been struggling to compete with online retailers, discount stores, and has been closing stores, cutting jobs, and selling off assets.
- Bed Bath & Beyond is the latest in a string of big box retailers to file for bankruptcy protection, including Sears, Kmart, and Toys R Us.
Bed Bath & Beyond, one of the original big box retailers, has filed for bankruptcy protection in the U.S. District Court in New Jersey. The filing estimates the company’s assets and liabilities to be in the range of $1 billion to $10 billion.
In a statement, Bed Bath & Beyond said it made the filing voluntarily “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 company also said its 360 Bed Bath & Beyond and 120 Buy Buy Baby stores and websites will remain open and continue serving customers.
The filing comes after years of dismal sales and losses and numerous failed turnaround plans. The company has been struggling to compete with online retailers such as Amazon and Walmart, as well as discount stores like Target. In an effort to stay afloat, the company has been closing stores, cutting jobs, and selling off assets.
Bed Bath & Beyond is the latest in a string of big box retailers to file for bankruptcy protection. Other companies that have done so include Sears, Kmart, and Toys R Us. It remains to be seen how the bankruptcy filing will affect the company’s future.
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