Bed Bath & Beyond has filed for bankruptcy protection in the US, following years of falling sales, financial losses and failed recovery efforts.
The homeware chain made the filing in the US District Court in New Jersey, saying it will start to wind down its operations while seeking a buyer for some or all of its businesses.
It anticipates closing all stores by the end of June, but meanwhile its 360 Bed Bath & Beyond stores and 120 Buy Buy Baby stores and website will do business as usual.
The company employs 14,000 workers, according to the court filing, although this is down from the 32,000 employees it had in February 2022.
Neil Saunders, managing director of GlobalData Retail, said: “It’s the death of an icon – a lot of people have grown up with it.
“It’s an institution in retailing but unfortunately being an institution doesn’t protect you from financial woes.”
Bed Bath & Beyond was founded in 1971 and it became known for its huge range of sheets, towels and gadgets.
But in the last decade, it struggled – its messy assortments, lack of online strategy and stiff competition from Target and Walmart saw weak sales.