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Bed Bath & Beyond has filed for Chapter 11 bankruptcy, which will put up to 30,000 jobs at risk, CNBC reports.
The decision comes after the home goods retailer made a last ditch effort to stay afloat, but failed to secure enough funds, which will lead to all 360 stores nationwide eventually closing. Bed Bath & Beyond filed for bankruptcy in a District of New Jersey court, having initially faced warnings of potential bankruptcy since early January, when the company publicly shared "a going concern" notice that it may fall short of covering expenses after disappointing sales during the holiday season.
Shares of Bed Bath & Beyond closed at 29 cents last Friday (April 21), with the company reported to be at a market value of $136.9 million and stock down about 88% in 2023, having previously traded at around $20 per share in April 2022, according to CNBC. The company's 360 namesake stores and 120 Buybuy Baby locations will remain open temporarily as the company begins to shut down business and liquidate assets.
“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. Our teams have worked with incredible purpose to support and strengthen our beloved banners, Bed Bath & Beyond and buybuy BABY,” CEO Sue Gove said in a statement obtained by CNBC.