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The once-dominant home goods retailer Bed Bath & Beyond has filed for bankruptcy protection after months of losing shoppers and money.
The company, which also owns the BuyBuy Baby chain, has struggled to regain its financial footing after a series of turnaround attempts that proved to be mistimed or ineffective.
Since first warning of a bankruptcy in January, the company has exhausted numerous last-ditch efforts to shore up financing, including store closures, job cuts and several lifelines from banks and investors.
Bed Bath & Beyond previously cited „lower customer traffic and reduced levels of inventory availability“ as it flagged „substantial doubt about the company’s ability to continue as a going concern.“ A preliminary report for the holiday-season quarter showed sales falling 40% to 50% from a year earlier. Sales had fallen similarly in the quarter before that, down 32%.
