Bed Bath & Beyond files for bankruptcy

ALBAWABA - U.S. Homeware giant Bed Bath & Beyond has filed for bankruptcy protection after months of financial struggles, losing shoppers and money.

The company, which also owns the BuyBuy Baby chain, has "struggled to regain its financial footing after a series of turnaround attempts that proved to be mistimed or ineffective," according to National Public Radio (NPR).

"Since first warning of a bankruptcy in January, the company has exhausted numerous last-ditch efforts to shore up financing, including store closures, job cuts and several lifelines from banks and investors," NPR reported.

Filing for Chapter 11 in New Jersey in the United States puts thousands of jobs on the line in North America, where the once-dominant home goods retailer _ selling a varied selection of home goods such as bedding, kitchenware, towels and decor items _ had dozens of outlets employing thousands of people.

Previously, Bed Bath & Beyond cited "lower customer traffic and reduced levels of inventory availability" as it flagged "substantial doubt about the company's ability to continue as a going concern."

A preliminary report for the holiday-season quarter showed sales falling 40 to 50 percent from a year earlier, NPR said. It said sales had fallen similarly in the quarter before that, down 32 percent.

Before the bankruptcy was announced, Bloomberg reported that Bed Bath and Beyond Inc. was considering "selling assets and intellectual property as part of a potential bankruptcy filing," which it said could come as soon as the weekend.

"The retailer is also looking to line up funding from Sixth Street Partners to support its operations through Chapter 11 proceedings," Bloomberg said.