A major brick-and-mortar retailer has filed for bankruptcy protection in federal court.

This past Sunday, Bed, Bath, & Beyond filed for bankruptcy protection in U.S. District Court in New Jersey and stated that the company will start to close down its operations and will eventually close its stores.

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In the filing, the company has listed its estimated assets and liabilities in the range between $1 and $10 billion dollars. The company has been trying to avoid bankruptcy for years after it saw a massive decline in sales over the past three years.

Last August, the company announced it was closing 15o of the lowest-performing stores with the hopings of turning around its profit margin.

Those efforts couldn't help save the company from bankruptcy and now the company announced that it will eventually close down all 360 Bed Bath & Beyond stores along with the 120 Buy Buy Baby stores.

All the Bed Bath & Beyond stores, the Buy Buy Baby stores, and the websites for both locations will remain open through bankruptcy.

All 20 store locations in New York will be closed. To find a location near you, CLICK HERE

The company announced that it will honor gift card through May 8th of this year and would process and exchanges with its usual policies until May 24 for items purchased prior to Sunday.

Bed Bath & Beyond joined Party City and David's Bridal as major retailers to file for bankruptcy in 2023.

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