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Bed Bath & Beyond (BBBY) filed for Chapter 11 bankruptcy protection on Sunday after a years-long decline in sales doomed the home goods retailer.
In a statement on Sunday, the company said its Bed Bath & Beyond and buybuy BABY stores will remain open “as the Company begins its efforts to effectuate the closure of its retail locations.” Sixth Street will provide the company with $240 million in debtor-in-possession financing, which will allow the company to continue operations during its wind-down process.
“Our teams have worked with incredible purpose to support and strengthen our beloved banners, Bed Bath & Beyond and buybuy BABY,” CEO Sue Gove said in a statement. “We deeply appreciate our associates, customers, partners, and the communities we serve, and we remain steadfastly determined to serve them throughout this process. We will continue working diligently to maximize value for the benefit of all stakeholders.”
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