Bed Bath & Beyond Inc. filed for Chapter 11 bankruptcy protection on Sunday after the home goods retailer failed to secure funds to stay afloat.
The Union, New Jersey-based home goods retailer filed for bankruptcy in a District of New Jersey court, listing both its estimated assets and liabilities in the range of $1 billion and $10 billion, according to a court filing.
Bed Bath & Beyond said that it has received a commitment of approximately $240 million in debtor-in-possession financing from Sixth Street Specialty Lending Inc., according to a separate statement.
The company added that its 360 Bed Bath & Beyond and 120 buybuy BABY stores and websites will remain open and continue serving customers as it begins efforts to effect the closure of its retail locations….