Troubled retail giant Bed Bath & Beyond has filed for Chapter 11 bankruptcy protection in the US.
The company says it will “systematically wind down its business,” including its Buy Buy Baby brand, and close all of its remaining 475 stores by the end of June.
It added that it is looking for buyers for some or all of its assets.
The chain, which has struggled financially for years, recently said it would cut jobs and close 150 stores.
Last month, the company announced it would sell $300m (£241.1m) worth of its shares, and warned it would have to file for bankruptcy if the funds were not secured.
The once-popular home goods destination is struggling to keep up with the boom in online shopping.
Chapter 11 protection suspends a U.S. company’s obligations to its creditors, giving it time to restructure its debts or sell parts of the business.
In a petition filed Sunday in the United States Bankruptcy Court for the District of New Jersey, the retailer said “the past twelve months have undoubtedly been the most difficult and tumultuous in Bed Bath & Beyond’s storied history.”
It added that “Despite diligent, creative, and thorough efforts to right the ship along the way, Bed Bath & Beyond is unable to meet its funded debt obligations while simultaneously maintaining enough of its store locations.” Providing inventory.”
Notices on the Bed Bath & Beyond and Buy Buy Baby websites say the stores will “remain open to serve you,” without offering a timeline for when services will cease.
Sue Gove, president and chief executive of Bed Bath & Beyond, said in a statement, “Millions of customers have trusted us through the most important milestones in their lives – from going to college to getting married to settling into a new home. Until the birth of the child”.
The company also said it secured $240 million in financing from Texas-based Sixth Street Specialty Lending to help with its exit process.
Bed Bath & Beyond was founded in 1971 as Bed’n Bath, a nod to the narrow range of merchandise it originally sold. Over the years the company greatly expanded its offerings to include everything from bed linen to electric appliances.
At its peak in the 2010s, Bed Bath & Beyond was the largest home furnishings retailer in the United States, with more than 970 stores in all 50 states.
However, in recent years it has struggled with shrinking profits as more consumers chose to shop online.
Earlier this year, the company said it had secured more than $500 million in new financing, but added that it would close 150 stores and cut jobs in an effort to turn the business around.
