Bed Bath & Beyond Files for Bankruptcy — Retail Bum

Bed Bath & Beyond filed for bankruptcy on Sunday after the retailer’s last-ditch efforts to turn around its business did not come to fruition.

The company plans to keep its 360 namesake stores and 120 Buybuy Baby locations operational for the time being while it prepares to liquidate its assets and shut its business. It will also be closing its Harmon FaceValue stores.

The beleaguered retailer is also seeking permission from a bankruptcy court in New Jersey to sell its namesake brand name along with Buybuy Baby.

“Millions of customers have trusted us through the most important milestones in their lives — from going to college to getting married, settling into a new home to having a baby. Our teams have worked with incredible purpose to support and strengthen our beloved banners, Bed Bath & Beyond and buybuy BABY,” said CEO Sue Gove in a statement.

Global investment firm, Sixth Street, has agreed to loan $240 million in debtor-in-possession financing to fund the company through its bankruptcy process, allowing Bed Bath & Beyond to pay wages and benefits, honor vendor obligations, and maintain its customer programs, according to CNBC.

The company said it has given its customers until Wednesday to use its classic blue coupons that give them 20% off their…