Bed Bath & Beyond files for Chapter 11 bankruptcy; 30,000 jobs are at risk

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bed bath behind presented to Chapter 11 bankruptcywhich will put up to 30,000 jobs at risk, CNBC reports.

The decision comes after the home goods retailer made a last-ditch effort to stay afloat but failed to secure enough funds, which would eventually lead to the closure of all 360 stores across the country. Bed Bath & Beyond filed for bankruptcy in New Jersey District Court, after initially facing warnings of potential bankruptcy since early January, when The company publicly shared its “continuity” notice. He may be unable to cover expenses after disappointing sales during the holiday season.

Bed Bath & Beyond shares closed at 29 cents last Friday (April 21), as it was reported that the company had a market value of $136.9 million, and the stock fell by about 88% in 2023, after previously trading at about $20 per share in April 2024, according to CNBC. The company’s namesake 360 ​​and 120 Buybuy Baby stores will remain temporarily open as the company begins closing business and liquidating assets.

Millions of customers have trusted us with the most important milestones in their lives – from going to college to getting married, settling into a new home to having a baby. Our teams have worked with incredible purpose to support and strengthen our beloved banners, Bed Bath & Beyond and buybuy BABY, CEO Sue Goff He said in a statement I got CNBC.