US retailer Bed Bath & Beyond files for bankruptcy

US retailer Bed Bath & Beyond filed for bankruptcy Sunday, according to a court filing and company statement, after a prolonged struggle to stay afloat.

The home goods chain filed voluntary petitions for relief under chapter 11 at the United States Bankruptcy Court for the District of New Jersey, a court filing showed.

The company said in a statement it had taken the action "to implement an orderly wind down of its businesses while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets."

Bed Bath & Beyond shares dove in January as it warned of "substantial doubt about the Company's ability to continue as a going concern," a sign that was widely interpreted to mean it could file for bankruptcy.

The company said at the time that it expected a loss of $386 million in the just-finished quarter.

"Thank you to all of our loyal customers," a banner on the company's website read Sunday.

"We have made the difficult decision to begin winding down our operations."

CEO Sue Gove said the company "will continue working diligently to maximize value for the benefit of all stakeholders."

"We deeply appreciate our associates, customers, partners, and the communities we serve, and we remain steadfastly determined to serve them throughout this process."

The company said that its "360 Bed Bath & Beyond and 120 buybuy BABY stores and websites will remain open and continue serving customers as the Company begins its efforts to effectuate the closure of its retail locations."