US home goods retailer Bed Bath & Beyond has seen demand drop off in recent years as its merchandising strategy to sell more store-branded products flopped.
Bed Bath & Beyond filed for Chapter 11 bankruptcy protection on Sunday, April 23, after the home goods retailer failed to secure funds to stay afloat, and has begun a liquidation sale.
The Union, New Jersey-based retailer filed for bankruptcy in a District of New Jersey court, listing both its estimated assets and liabilities in the range of $1 billion and $10 billion, according to a court filing. The company added that its 360 Bed Bath & Beyond and 120 buybuy BABY stores and websites will remain open and continue serving customers as it starts efforts to effect the closure of its retail locations.
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