After a protracted battle, Bed Bath & Beyond files for bankruptcy protection.

After the cottage product business was unable to obtain funding to stay afloat, Bed Bath & Beyond Inc. filed for Chapter 11 bankruptcy protection on Sunday.

The Union, New Jersey-based home goods retailer filed for bankruptcy in a district court in the state, listing both its estimated assets and liabilities as being between$ 1 billion and$ 10 billion, according to the court filing.

According to a standalone speech, Bed Bath & Beyond announced that it has received an agreement from Sixth Street Specialty Lending Inc. for debtor-in-possession financing totaling about$ 240 million.

As it starts attempts to close its financial locations, the organization added that its 360 Bed Bath & Beyond and 120 buybuy BABY businesses and sites will remain open and continue to serve clients.

To avoid bankruptcy, the troubled retailer had planned to raise about$ 1 billion through the sale of preferred stock and warrants in February.

With the help of the complicated deal, the business was able to increase$ 360 million to cover loan defaults and interest payments on top notes.

However, Bed Bath called off the agreement in late March and announced plans to sell$ 300 million worth of its shares, as well as a second warning that, in the event that it was unable to secure the capital, it might declare bankruptcy.

The Union, New Jersey-based home goods store, which became well-known in the 1990s as a go-to shopping destination for lovers creating wedding records and making plans for different babies, has seen interest decline in recent years as its merchandising strategy to sell more store-branded products failed.

The company reported a loss of about$ 393 million after prices fell 33 % for the quarter ending on November 26. Last year’s’s attempts to lose that strategy and introduce more well-known national brands had not been successful.

Just months after it announced more than$ 500 million in new financing, as well as job cuts and 150 store closures, the company expressed concerns about its ability to survive as a going concern in January.

After the winter months, retailers in grief frequently turn to bankruptcy safety to take advantage of the money cushion offered by recent sales.

The American operations of Bed Bath & Beyond were shut down in February, according to a jury registration. According to a registration posted on the advisory Alvarez & Marsal website, the American division, which runs 11 buybuy BABY stores and 54 Bed Bath and Beyond stores, is bankrupt.

In March, Bed Bath announced that it was looking for shareholder endorsement for a reverse stock split between 1 and 10 shares. The company’s’s board urged shareholders to approve the split earlier in April, warning that bankruptcy may be inevitable if the plan failed.

( Reporting from Bengaluru by Granth Vanaik, Ananya Mariam Rajesh, and Anirudh Saligrama; editing by Nick Zieminski; Frances Kerry; Hugh Lawson)

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