The Union, New Jersey-based retailer filed for bankruptcy in a New Jersey district court, informing it of assets and liabilities estimated between 1,000 million and 10,000 million dollarsaccording to a court filing.
According to a statement, the company has received a commitment of approximately $240 million in bankruptcy financing from Sixth Street Specialty Lending Inc.
Bed Bath & Beyond has entered into a liquidation sale and intends to use Chapter 11 proceedings to carry out a limited divestment of some or all of its assets.
The company added that its 360 Bed Bath & Beyond and 120 buybuy BABY stores and websites will remain open and continue to serve customers as it begins efforts to close its stores.
