Bed Bath & Beyond has filed for bankruptcy protection, but its stores and websites will remain open and continue serving customers, the company said.
The beleaguered home goods chain made the filing Sunday in U.S. District Court in New Jersey, listing its estimated assets and liabilities in the range of $1 billion and $10 billion. The move comes after the company failed to secure funds to stay afloat.
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."
The firm said its 360 Bed Bath & Beyond and 120 BuyBuy Baby stores and websites will remain open and continue serving customers as it "begins its efforts to effectuate the closure of its retail locations."
The company said it also intends to uphold commitments to customers, employees and partners.
Bed Bath & Beyond shares dove in January as it warned of "substantial doubt about the Company's ability to continue as a going concern," a sign that was widely interpreted to mean it could file for bankruptcy.
The company said at the time that it expected a loss of $386 million in the just-finished quarter.
"Thank you to all of our loyal customers," a banner on the company's website read Sunday.
"We have made the difficult decision to begin winding down our operations."
CEO Sue Gove said the company "will continue working diligently to maximize value for the benefit of all stakeholders."
"We deeply appreciate our associates, customers, partners, and the communities we serve, and we remain steadfastly determined to serve them throughout this process."
