FLINT, Mich. (Michigan News Source) – Bed Bath & Beyond, the home goods retailer that has struggled financially for the better part of a year, has filed for Chapter 11 bankruptcy protection.
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The decision did not come as a surprise to some. The company had spent the past year announcing numerous job cuts and store closures as it looked for financing options to stay afloat.
Bed Bath & Beyond officials issued a statement that says, in part, that “it and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey 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.”
In addition, the company said the 360 Bed Bath & Beyond and 120 Buy Buy Baby locations and websites would stay open and continue to serve customers as the company begins to shutter its retail locations.
Bloomberg reported Wednesday that Bed Bath & Beyond had started revisiting bankruptcy discussions, while The Wall Street Journal reported the company faced looming default.
According to the company’s website, there are 13 Bed Bath & Beyond stores in Michigan.
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