Bed Bath & Beyond Inc. filed for Chapter 11 bankruptcy in New Jersey with plans to shut down, putting thousands of jobs on the line.
The U.S. housewares retailer will use the court process to begin liquidating its 360 Bed Bath & Beyond stores and 120 Buy Buy Baby shops, while also searching for a buyer for some or all of its assets, according to a statement. The company may “pivot away” from the store closings if there’s a successful sale.
Bed Bath & Beyond estimated it had assets of $4.4 billion and total debt of $5.2 billion as of late November, according to a court filing. The number of creditors is between 25,001 and 50,000, with BNY Mellon having the biggest unsecured claim of $1.18 billion. Bed Bath & Beyond’s chief financial officer, Holly Etlin, will serve as chief restructuring officer to manage the bankruptcy.
