New Jersey-Based Bed Bath & Beyond Files For Bankruptcy

Following years of supply chain issues and the effects of the COVID-19 pandemic, New Jersey-based home goods retail company Bed Bath & Beyond has filed for Chapter 11 bankruptcy protection on Sunday, April 23, 2023.

Those in the Atlantic County, New Jersey area already know that the Mays Landing, New Jersey store closed previously.

In their court filing in a District of New Jersey court, they listed their estimated assets and liabilities at between $ 1 billion and $ 10 billion.

The company announced that the bankruptcy filing was necessary when they failed to secure funds to keep their operations going.

The bankruptcy filing includes both Bed Bath & Beyond and buybuy Baby stores.

They have been closing stores in order to keep the company afloat. As of today’s bankruptcy filing, they have 360 Bed Bath & Beyond stores … along with 120 buybuy Baby stores.

The company stated that their existing stores and websites will remain open as they deal with the effects of their current circumstances.

This demonstrates how challenging the COVID-19 pandemic has been, as Bed, Bath & Beyond was the good stand in the home goods sector for decades.

Previously, they were able to manage through a variety of different economic downturns over the many years.

http://restructuring.ra.kroll.com describes the current circumstances as follows:

Case Background:

On April 23, 2023, Bed Bath & Beyond Inc. and 73 affiliated debtors (collectively, the "Debtors") each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey.

Important Information & Dates:

A hearing on the Debtors' First Day Motions has not yet been set. This website will be updated with the date and time of the First Day Hearing as soon as it is scheduled.

SOURCES: Bed, Bath & Beyond,  http://restructuring.ra.kroll.com, prnewswire.com