Bed Bath & Beyond Inc BBBY submitted for Chapter 11 Bankruptcy Protection on Sunday, Reuters reports.

According to its court filing, the major supermarket filed for bankruptcy in U.S. District Court in New Jersey, listing its estimated assets and liabilities in the $1 billion to $10 billion range.

The company has received a commitment of approximately $240 million in self-owned financing from Sixth Street Specialty Lending Inc, according to Reuters. It also said the remaining 360 Bed Bath & Beyond and 120 Buybuy BABY stores will remain open, along with the stores’ websites, when the bankruptcy proceedings begin.

Also read: Why Bed Bath & Beyond Stock is Getting Hammered

In August 2022, Bed Bath & Beyond announced that it had “identified and begun the closure of about 150 lower production Bed Bath & Beyond banner shops‘ as part of its strategic business review. The company closed another 87 stores earlier this year.

according to a regulatory filing which was released in January, Bed Bath & Beyond said it did not have “adequate resources to repay the amounts under the credit facilities”. It also reported a loss of about $393 million after revenue plunged 33% in the quarter ended Nov. 26, 2022.

In February, the company closed its Canadian operations and filed with its Canadian division for protection under the Companies Creditors Arrangement Act – Canada’s rough equivalent of a Chapter 11 bankruptcy. At the time, the Bed Bath & Beyond banner in Canada had approximately $427.4 million in total assets and total liabilities of approximately $342.8 million.

Continue reading: Wedbush maintains underperformance on Bed Bath & Beyond and raises price target to $0.25

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