Bed Bath & Beyond Files For Bankruptcy: 'Thank You to All of Our Loyal Customers' The company's stores and website will remain open for the time being.

By Madeline Garfinkle

Bruce Bennett | Getty Images

The home goods retailer Bed Bath & Beyond began winding down its operations and filed for Chapter 11 bankruptcy on Sunday. In a release announcing the bankruptcy filing, the company shared it received a loan of approximately $240 million to help support operations as it carries out the bankruptcy process.

For the time being, the company's 360 Bed Bath & Beyond stores, along with its 120 buybuyBABY stores, will remain open — as will its website.

"Thank you to all of our loyal customers," the company wrote on the homepage of its website. "We have made the difficult decision to begin winding down our operations."

The company also noted that it intends to honor its commitment to customers, employees and partners throughout the bankruptcy process, including continuing payment of wages and benefits, fulfilling obligations to vendors and maintaining customer programs.

However, it remains unclear how long stores will remain open and employees will receive paychecks.

Related: Bed Bath & Beyond Is Circling the Drain

Bed Bath & Beyond has been struggling for years, with sales steadily declining since 2018, and the company has been attempting to raise funds over the past year to avoid the fate that was ultimately 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.

Related: Bed Bath & Beyond Is Shuttering Hundreds of Stores — Here Are the Much-Loved Retailers Ready to Move In

Madeline Garfinkle

Entrepreneur Staff

News Writer

Madeline Garfinkle is a News Writer at Entrepreneur.com. She is a graduate from Syracuse University, and received an MFA from Columbia University. 

Editor's Pick

Related Topics

Business News

'I'll Gladly Cancel': Customers Livid as Netflix Is Reportedly Increasing Subscription Prices—Again

The Wall Street Journal reported that price hikes are set to roll out following the actors' strike.

Business News

These 11 Retailers Are Most Likely to File For Bankruptcy in 2023, According to a New Report

Several well-known retailers already filed for bankruptcy in 2023 — now, a new report is highlighting the retailers most likely to follow suit.

Business News

Man Unexpectedly Wins $4 Million Lottery — On a Ticket He Almost Didn't Buy

A Michigan resident stumbled upon a life-changing $4 million lottery jackpot when his preferred game was unavailable.

Business News

Mark Cuban's Grocery Store Hack Will Help You Score Cheaper Produce

The billionaire talked about his early days in Dallas when he was strapped for cash.

Business News

JPMorgan CEO Jamie Dimon Says AI 'Is Real' and Will Eliminate the 5-Day Work Week. Here's How His Company's Going All In.

The financial services firm advertised for thousands of AI-related roles earlier this year.