The home goods retailer Bed Bath & Beyond began winding down its operations and filed for Chapter 11 bankruptcy on Sunday. In a release announcing the bankruptcy filing, the company shared it received a loan of approximately $240 million to help support operations as it carries out the bankruptcy process.
For the time being, the company’s 360 Bed Bath & Beyond stores, along with its 120 buybuyBABY stores, will remain open — as will its website.
“Thank you to all of our loyal customers,” the company wrote on the homepage of its website. “We have made the difficult decision to begin winding down our operations.”
The company also noted that it intends to honor its commitment to customers, employees and partners throughout the bankruptcy process, including continuing payment of wages and benefits, fulfilling obligations to vendors and maintaining customer programs.
However, it remains unclear how long stores will remain open and employees will receive paychecks.
Related: Bed Bath & Beyond Is Circling the Drain
Bed Bath & Beyond has been struggling for years, with sales steadily declining since 2018, and the company has been attempting to raise funds over the past year to avoid the fate that was ultimately announced on Sunday.
“Millions of customers have trusted us through the most important milestones in their lives — from going to college to getting married, settling into a new home to having a baby,” Sue Gove, president and CEO of Bed Bath & Beyond, said in a statement. “We deeply appreciate our associates, customers, partners and the communities we serve, and we remain steadfastly determined to serve them throughout this process.”
As of Monday morning, stock for the retail giant is down nearly 99% compared to five years prior.
Related: Bed Bath & Beyond Is Shuttering Hundreds of Stores — Here Are the Much-Loved Retailers Ready to Move In