Bed Bath & Beyond has filed for bankruptcy protection as it begins winding down operations. The company says Bed Bath & Beyond and Buy Buy Baby stores and websites are still open and serving customers.
The company will stop accepting coupons on Wednesday. Bed Bath & Beyond says if it can't find a buyer, it will be forced to go out of business.
"Through the filing of customary motions with the court, the company intends to uphold its commitments to customers, employees, and partners, including continued payment of employee wages and benefits, maintaining customer programs, and honoring obligations to critical vendors," Bed Bath & Beyond said in a press release.
The Chapter 11 filing comes after Bed Bath & Beyond faced hurdles in staying afloat. The company had initiated a "turnaround plan" in late 2022, and in January, hinted that it may need to file for bankruptcy should it not secure proper funding. Bed Bath & Beyond said in January that it reported "net sales of approximately $1.259 billion compared to $1.878 billion in the year-ago period, reflecting lower customer traffic and reduced levels of inventory availability, among other factors."
Back in 2020, Bed Bath & Beyond announced its intent to close around 200 stores over the next two years.