Home textile retailer Bed Bath & Beyond has filed for bankruptcy in an unexpected turn of events, citing escalating losses and unsuccessful attempts to secure funding to stay solvent.
It is a major financial blow for the 1971 established company. The company has recently disclosed assets and liabilities worth $1 billion to $10 billion.
Bed Bath & Beyond has stated that 360 of its stores, together with 120 buybuy BABY locations and websites, will remain open throughout the bankruptcy process.
The company has announced its plans to wind down its operations and is looking for interested parties to purchase all or a portion of its assets.
Bed Bath & Beyond's financial difficulties became apparent in late January when the firm revealed in a government filing that it had defaulted on loans and lacked the money to pay off its debts.
Bed Bath & Beyond has gotten about $240 million in funding from Sixth Street Specialty Lending, Inc. to stay viable during the bankruptcy process.
Industry professionals and customers alike are keeping a close eye on the story as it develops to see how Bed Bath & Beyond can overcome these challenges.
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