Bed Bath & Beyond Files For Bankruptcy, Leaving 5 NYC Stores In Limbo

NEW YORK CITY — Bed Bath & Beyond's five remaining New York City stores likely will remain open, at least for now, after the company filed for bankruptcy.

The retailer announced Sunday that it'd start winding down operations amid its Chapter 11 bankruptcy filing.

The firm said its 360 Bed Bath & Beyond and 120 Buy Buy Baby stores and websites will remain open and continue serving customers as it "begins its efforts to effectuate the closure of its retail locations."

But there's a small glimmer of hope for the cadre of New Yorkers who love the store. The company intends to use the bankruptcy proceedings for the sale of some or all assets, and filed motions to market Bed Bath & Beyond and Buy Buy Baby for auction.

"In the event of a successful sale, the Company will pivot away from any store closings needed to implement a transaction," a news release states. "The Company believes this dual-path process will best maximize value."

Bed Bath & Beyond Inc. previously announced in January that it'd close several locations in New York City, as well as other stores across the nation, as it teetered on the edge of bankruptcy.

The closures apparently didn't help.

The New Jersey-based company filed for bankruptcy Sunday and listed its estimated assets and liabilities at up to $10 billion.

The retailer said it secured a commitment of roughly $240 million in financing from Sixth Street Specialty Lending Inc. to allow it to keep operating during the bankruptcy process.

Closing sales were set to start Wednesday, at which point coupons will no longer be accepted. Rewards, gift cards, merchandise credits and certain returns will be accepted through various points in May.

For more information about the bankruptcy filing, visit restructuring.ra.kroll.com/bbby.

The Associated Press and Patch writer Anna Schier contributed to this story.