The retail company has a presence throughout North America.
(Photo: Reuters)
new York The long-stricken US furniture chain Bed Bath & Beyond is going bankrupt. The company announced on Sunday that bankruptcy protection under Chapter 11 had been applied for. The group had previously repeatedly warned that it would have to file for bankruptcy if it could not secure the funds to repay its loans. The New Jersey-based home goods retailer has given a local court its assets and liabilities in a range of $1.0 billion to $10.0 billion, the court filing shows.
The 360 Bed Bath & Beyond branches and the 120 shops of the buybuy Baby subsidiary, including the online stores, are to remain open for the time being. In order to be able to finance ongoing business operations, they received around $240 million from the loan provider Sixth Street Specialty Lending, it said. At the same time, potential buyers are on the lookout.