Bed Bath & Beyond has filed for bankruptcy, the company announced Sunday.
“Thank you to all of our loyal customers. We have made the difficult decision to begin winding down our operations,” a statement on the company’s website read Sunday morning.
The company’s 360 Bed Bath & Beyond locations and its 120 buybuy BABY stores will stay open for now, along with the websites, but closing sales are set to begin Wednesday as they try to liquidate assets.
Bed Bath & Beyond asked the courts for permission to auction off its assets.
The announcement isn’t much of a surprise. The company issued a statement in January saying they may not have the money to cover expenses after a “dismal” holiday season.
Court filings show Bed Bath & Beyond had about $4.4 billion in assets and $5.2 billion in debts.
“Millions of customers have trusted us through the most important milestones in their lives – from going to college to getting married, settling into a new home to having a baby. 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.
The company secured $240 million in funding to stay afloat during the bankruptcy process.