Bed Bath & Beyond files for Chapter 11 bankruptcy

Bed Bath & Beyond filed for Chapter 11 bankruptcy on Sunday.

Bed Bath & Beyond filed for Chapter 11 bankruptcy on Sunday.

The company’s 360 stores — along with its 120 buybuy BABY stores — are expected to remain open as the retailer begins to restructure for its bankruptcy, according to a permit Released Sunday. Online sales are also expected to continue.

Sue Goff, President and CEO, said the company will work “diligently to maximize value for the benefit of all stakeholders.”

“We deeply value our associates, customers, partners and the communities we serve, and remain steadfastly determined to serve them throughout this process,” said Goff.

In a lawsuit filed in the US Bankruptcy Court in the District of New Jersey, the company said its liabilities amounted to more than $1 billion. The company said in a statement that it has secured $240 million in financing from Sixth Street Specialty Lending to support its operations through the transformation.

The New Jersey-based company listed debt, including long-term liabilities, totaling about $5.2 billion in its most recent quarterly filing with the Securities and Exchange Commission. Its assets amounted to about $4.4 billion, including about $153 million in cash or its equivalent.

ABC News’ Darren Reynolds contributed to this story.

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