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Embattled retail giant Bed Bath & Beyond has filed for Chapter 11 bankruptcy protection in the US, as it plans to “implement an orderly wind down of its business,” including its Buy Buy Baby brand, and close all 475 of its remaining stores by the end of June. In a filing to the United States Bankruptcy Court for the District of New Jersey on Sunday, the company stated that “the past twelve months have undoubtedly been the most difficult and turbulent in Bed Bath & Beyond’s storied history.”

Financial Challenges and Attempts to Stay Afloat

Facing financial troubles for years, Bed Bath & Beyond recently announced plans to cut jobs and close 150 stores. Last month, the company revealed intentions to sell $300 million worth of its shares, warning that bankruptcy might be unavoidable if the funds were not secured. The once-popular destination for household goods struggled to keep up with the rise of online shopping.

Funding for Winding Down Process

Bed Bath & Beyond has secured $240 million in financing from Texas-based Sixth Street Specialty Lending to support its winding down process. Notices on the Bed Bath & Beyond and Buy Buy Baby websites stated that the stores “remain open to serve you,” without providing a timeline for when services will cease.

History of Success and Decline

Founded in 1971 as Bed ‘n Bath, the company greatly expanded its range of merchandise over the years. At its peak in the 2010s, Bed Bath & Beyond was the largest home furnishing retailer in the US, with more than 970 stores across all 50 states. However, the company faced dwindling profits in recent years as more customers chose to shop online.

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