By Natalia Rueda 
Bed Bath & Beyond, one of the nation’s largest home goods retailers, announced Sunday that it has filed for Chapter 11 bankruptcy protection. The company’s filing comes as a result of the economic impacts of the COVID-19 pandemic. The company reported a net loss of $1.3 billion in the first quarter of 2020 and said it had closed about 200 stores sinceru the pandemic began.
The company’s filing comes with a commitment to continue honoring their obligations to customers, employees, and partners. Bed Bath & Beyond has received a loan of approximately $240 million to help support operations while it works through the bankruptcy proceedings. However, with the filing comes uncertainty about how long stores will stay open and how long employees will receive paychecks.
For now, Bed Bath & Beyond’s 360 stores and 120 buybuyBABY stores remain open, as does its website. This is good news for customers, as the company has pledged to honor its commitment to providing quality products and services throughout the bankruptcy process.
Though this announcement is undoubtedly difficult news for customers, it is important to remember that Bed Bath & Beyond is not alone. Many major retailers have been forced to declare bankruptcy in the wake of the pandemic, including J.C. Penney and Neiman Marcus.
Though it remains to be seen how long stores will stay open and what other changes may come as a result of Bed Bath & Beyond’s bankruptcy filing, customers can rest assured that the company is committed to honoring their promises of quality products and services.