The beleaguered retail giant Bed Bath & Beyond has filed for Chapter 11 bankruptcy protection in the US.
In a statement, the company based in Union, New Jersey, said it voluntarily made the filing “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.”
Earlier this year, Bed, Bath & Beyond announced it would be shuttering 87 stores in 2023 to stave off bankruptcy. The chain closed 150 locations last year while laying off thousands of workers. The move comes after the company failed to secure funds to stay afloat.
