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Bed Bath & Beyond — one of the original big box retailers known for its seemingly endless offerings of sheets, towels and kitchen gadgets — filed for bankruptcy protection following years of dismal sales and losses and numerous failed turnaround plans.
The 52-year-old retailer announced the 'difficult decision to begin winding down our operations.'
One commentator described the business as an "institution" but added: "Unfortunately, being an institution doesn't protect you from financial woes".
In its bankruptcy filing, Bed Bath & Beyond said it had $5.2 billion in debt and assets of just $4.4 billion.
The retailer once triumphed over rivals as a "category killer" with its blue coupons. Now, it's become rudderless, turbulent and broke. Here's what happened.