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The company said in a statement that it will 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.
For now, 360 Bed Bath & Beyond and 120 buybuy BABY stores and websites will remain open and continue serving customers as the company said it "begins its efforts to effectuate the closure of its retail locations.
"Through the filing of customary motions with the Court, the Company intends to uphold its commitments to customers, employees, and partners, including continued payment of employee wages and benefits, maintaining customer programs, and honoring obligations to critical vendors."
"Millions of customers have trusted us through the most important milestones in their lives," Bed Bath & Beyond Inc. President & CEO Sue Grove said in a statement. "From going to college to getting married, settling into a new home to having a baby.
"Our teams have worked with an incredible purpose to support and strengthen our beloved banners, Bed Bath & Beyond, and buybuy BABY.
"We deeply appreciate our associates, customers, partners, and the communities we serve, and we remain steadfastly determined to serve them throughout this process. We will continue working diligently to maximize value for the benefit of all stakeholders."
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