Bed Bath & Beyond (BBBY), the beleaguered home goods retailer, has filed for bankruptcy af☂ter months of sounding the alarm and taking increasingly desperate measures to 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官方开奖结果体彩网:debtor-in-possession financing with which it plans to finance operations at its nearly 500 sto🌱res during 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 pande♔mic when physical stores became money pits and supply chain snarls wreaked havoc❀ on inventory management.

The company has been sending up flares for months. The company 澳洲幸运5官方开奖结果体彩网: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官方开奖结果ꦿ体彩网:missed 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 last month after grossing just a fraction of the goal.

Instead, Bed Bath & Beyond 澳洲幸运5官𓄧方开奖结果体彩网:init𒁏iated an “at-the-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🐠, the year of its IP♒O.

The company was scheduled to hold a special meeting for shareholders in May to 澳洲幸运5官方开奖结果体彩网:approve a reverse stock split.