Bed, Bath & Beyond files for bankruptcy protection

Bed Bath & Beyond has filed for bankruptcy protection, but its stores and websites will remain open and continue serving customers, the company said.

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.

Earlier this year, Bed, Bath & Beyond announced it would be shuttering 87 stores in 2023 in an effort to stave off bankrupty. The chain closed 150 locations last year.

Retail experts told CBS News in February that the once-popular retailer doomed itself years ago as a result of bad business decisions, including buying back too much of its own stock, being slow to transition to e-commerce and introducing private label products that few customers wanted.