Bed Bath & Beyond has filed for bankruptcy following years of dismal sales and losses and numerous failed turnaround plans, per NorthJersey.com.
As of right now, the company’s 360 Bed Bath & Beyond stores and its 120 Buy Buy Baby brick-and-mortar as well as its websites will remain open while the company files for bankruptcy. The retailer said it anticipates closing all of its stores by June 30.
The Union, N.J. based company 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.”
According to the court filing, this also leaves 14,000 workers’ jobs at risk. Back in February, the company had 32,000 workers, the court filing stated.
The company was founded in 1971 and became famous for having affordable household appliances and was notorious for their 20% off coupons.
Take a look at the 12 New Jersey stores effected by the Bed Bath & Beyond bankruptcy:
