According to a court filing on Friday Bed Bath & Beyond Inc BBBY will close its activities in Canada.

The company has filed for protection under the Companies Creditors Arrangement Act, Canada’s rough equivalent of Chapter 11 bankruptcy, for its Canadian division, Reuters reports.

Bed Bath & Beyond operates 54 Bed Bath & Beyond stores and 11 Buybuy Baby stores in Canada. The company employs 387 full-time employees and 1,038 part-time employees nationwide.

According to the court filing, the Canadian company does not have the “capacity or ability to conduct a recapitalization or restructuring of the Canadian operations without access to cash and assistance” independently from the parent company and its lenders.

The court filings also said that as of November 26, the bed bath beyond Banner in Canada had total assets of approximately $427.4 million and total liabilities of approximately $342.8 million.

Also read: Why Bed Bath & Beyond Stocks Are Being Hammered

The Canada operation is not profitable and generated net losses for the nine months ended Nov. 26, the court filing adds.

Last week, the company raised about $225 million in a stock offering and said it could raise another $800 million over the next 10 months.

Last year in August, Bed Bath & Beyond announced plans to close 150 “lower producing” stores as part of a strategic business review.

The domestic merchandiser later announced it would close another 87 stores and its entire Harmon drugstore chain.

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