Bed Bath & Beyond files for bankruptcy

Bed Bath & Beyond, the home goods retailer founded in 1971, has filed for bankruptcy on Sunday.

“Thank you to all of our loyal customers. We have made the difficult decision to begin winding down our operations,” the company said in a statement on its website.

The 360 Bed Bath & Beyond stores, as well as its 120 buybuy BABY stores and their websites will be kept open for now, while store closing sales begin on Wednesday, as well as the company closing some stores.

The fate of the retailer’s 14,000 employees is still uncertain, with the company getting a $240 million loan to fund its operations during bankruptcy. The New Jersey based company has had $5.2 billion in debt and assets worth $4.4 billion.

The company also said it is looking for a buyer in order to sell some or all of its business so it does not go along with the store closings, but if it got unlucky with that, Bed Bath & Beyond will be liquidated and go out of business, the company stated.

The company gave a deadline until Tuesday for customers using their 20 percent off blue and white coupons, which has been a staple in American culture over the years, and will stop accepting them on Wednesday. The retailer is also expected to be offering massive discounts on its products as part of its going out of business sales.

Bed Bath & Beyond stores would reach their peak with shoppers during the winter holidays, and back to school and college seasons.