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April 24, 2023

Bed Bath & Beyond files for Chapter 11 bankruptcy

Photo | Flickr/Mike Mozart A Bed Bath and Beyond store.

Bed Bath & Beyond has filed for Chapter 11 bankruptcy, according to an announcement from the company on Sunday.

Bed Bath & Beyond, along with several subsidiaries, filed petitions in U.S. Bankruptcy Court for the District of New Jersey to implement “an orderly wind down of its businesses while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets,” the announcement says.

The company said that 360 Bed Bath & Beyond and 120 buybuy BABY stores and websites remain open.

"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," the announcement says.

New Jersey-based Bed Bath & Beyond said it has received about $240 million in financing from Sixth Street Specialty Lending Inc., which will be used to support operations during the Chapter 11 process, following court approval.

Also, the company has filed motions with the court seeking authority to market Bed Bath & Beyond and buybuy BABY as part of an auction.

The company went into default in January and threatened that it might have to file for bankruptcy. In February, Bed Bath & Beyond closed 150 of its 900 stores in the U.S., including four in Connecticut: Enfield, Southington, Wethersfield and Fairfield. Six other Connecticut locations remained open.

As of Monday, the company’s website listed three remaining stores in Connecticut: Simsbury, Brookfield and Guilford, the latter of which was closed Monday.

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