U.S. homeware retailer Bed Bath &Beyond files for bankruptcy

NEW YORK, April 23 (Xinhua) -- Bed Bath &Beyond, a U.S. homeware chain headquartered in New Jersey, filed for bankruptcy on Sunday, signaling a turnaround plan initiated by the company in late 2022 did not play out well.

The struggling home goods retailer aims to have an orderly wind down of its business while conducting a limited marketing process to sell partial or all of its assets, according to a release by the company.

The company's 360 namesake outlets, along with its 120 buybuy BABY stores, will remain open and continue serving customers for now, as will the websites. The company secured a 240 million U.S. dollar loan to help fund its operations during bankruptcy.

As of late November, Bed Bath &Beyond had about 4.4 billion dollars in assets and 5.2 billion dollars in debts, court filings show.

Its overpriced stock tumbled by more than 98 percent over the past 12 months.