Bed Bath & Beyond (BBBY), the beleaguered home goods retailer, has filed for bankruptcy after months⛦ of sounding the alarm and taking increasingly desperate measures t♒o come up with enough cash just to stay afloat.

The company filed for Chapter 11 bankruptcy in New Jersey on Sunday, beginning the process of winding down its business. The company has secured $240 million in 澳洲幸运5开奖号码历史查询:debtor-in-possession financing with which it plans to finance operations at its nearl⛎y 500 stores durin🎐g the bankruptcy proceedings.

"We deeply appreciate our associates, customers, partners, and the communities we serve, and we remain steadfastly determined to serve them throughout this process," said CEO Sue Gove in an announcement of the filing. "We will continue working diligently to maximize value for the benefit of all stakeholders."

Bed Bath & Beyond, once a thriving home goods retailer, struggled to adapt to a changing retail landscape dominated by e-commerce and everything stores like Amazon (AMZN). The company’s woes were exacerbated by the pandemic when physical stores became mone🥀y pits and supply chain snarls wrea▨ked havoc on inventory management.

The company has been sending up flares for months. The company 澳洲幸运5开奖号码历史查询:first warned about bankruptcy in January, when it said widening quarterly losses and negative cash flow called into question its “ability to continue as a going concern.”

Bed Bath & Beyond 澳洲幸运5开奖号码历史查询:m𒊎issed a $25 million interest🌠 payment in February, sinking its shares almost 50%. The company was able to pay within the one-month grace period, avoiding being forced to immediately pay its entire $1 billion debt.

That same⛎ month the company tried to sell up to $1 billion worth of convertible shares and warrants in a last-ditch effort to shore up its finances. But the sale was scrapped late l𒆙ast month after grossing just a fraction of the goal.

Instead, Bed Bath & Beyond 澳洲幸运5开奖号码历史查询:initiated an “aꦡt-t🧔he-market” offering of up to $300 million of stock. But by mid-March, the company's share price had dipped below $1 for the first time since 1992, thꦡe year of its IPO.

The company was scheduled to hold a special meeting for shareholders in May to 澳洲幸运5开奖号码历史查询:approve a reverse stock split.