Bed Path & Beyond files for Chapter 11 bankruptcy

Bed Bath & Beyond filed for Chapter 11 bankruptcy on Sunday.

Bed Bath & Beyond filed for Chapter 11 bankruptcy on Sunday.

The company’s 360 stores — along with 120 of its Buy Baby stores — are expected to remain open as the retailer begins its bankruptcy reorganization. A statement Published on Sunday. Online sales are also expected to continue.

Sue Gove, President & CEO, said the company “will work diligently to maximize value for the benefit of all stakeholders.”

“We greatly value our partners, customers, partners and the communities we serve, and we are committed to serving them throughout this process,” Gove said.

In a filing in U.S. Bankruptcy Court for the District of New Jersey, the company said its debts exceed $1 billion. The company said in a release that it has received $240 million in financing from Sixth Street Specialty Lending to support its operations during the turnaround process.

The New Jersey-based company, in its most recent quarterly filing with the Securities and Exchange Commission, listed debt, including long-term liabilities, totaling about $5.2 billion. Its assets are approximately $4.4 billion, including approximately $153 million in cash or cash equivalents.

ABC News’ Darren Reynolds contributed to this story.

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