Bed Bath & Beyond files for bankruptcy; LI stores remain open at least through the end of June
Bed Bath & Beyond has filed for bankruptcy protection, but its stores and websites will remain open and continue serving customers, the company said.
The Long Island stores and the Buy Buy Baby location will remain open at least through the end of June. The stores closing on Long Island include Bed Bath & Beyond locations in Lake Grove, East Northport, Westbury, Oceanside, Riverhead and West Babylon. The Buy Buy Baby in Garden City will also meet the same fate.
However, immediately changing, the company says customers will only be able to use coupons through April 26. Returns and exchange for items purchased before Wednesday will be accepted through May 24.
Meanwhile, returns and exchange for items purchased before Wednesday will be accepted through May 24.
The beleaguered home goods chain made the filing Sunday in U.S. District Court in New Jersey, listing its estimated assets and liabilities in the range of $1 billion and $10 billion. The move comes after the company failed to secure funds to stay afloat.
In a statement, the company based in Union, New Jersey, said it voluntarily made the filing "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 firm said its 360 Bed Bath & Beyond and 120 Buy Buy Baby stores and websites will remain open and continue serving customers as it "begins its efforts to effectuate the closure of its retail locations."
The company said it also intends to uphold commitments to customers, employees and partners.
The filing comes as the company's shares have tumbled even more as speculation of an impending bankruptcy filing increased. Its financial performance has also deteriorated. In late March, it noted that preliminary results showed anywhere from a 40% to 50% decline in sales at stores opened at least a year for the quarter ended Feb. 25.
The company also said in a Securities and Exchange Commission filing in late March that it planned to sell $300 million worth of shares to avoid bankruptcy filing.
AP wires contributed to this report.