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.