After failing to raise enough money to stay solvent, Bed Bath & Beyond failed to achieve Chapter 11 bankruptcy protection on Sunday and started a liquidation sale.

The home goods shop has seen demand decline as a campaign to sell more store-branded products failed. The retailer rose to fame in the 1990s as a go-to for couples building wedding registries and planning babies.

The company reported a loss of around $393 million after sales fell 33% for the quarter ended on November 26, indicating that last year’s attempts to forsake that strategy and bring in more national brands had not been successful.

Despite the “meme stocks” trend driving up share prices, the store based in Union, New Jersey, filed for bankruptcy in a New Jersey court, describing its estimated assets and liabilities as being between $1 billion and $10 billion, according to a court filing.

According to a statement, the business claimed Sixth Street Specialty Lending had committed to lending it $240 million for debtor-in-possession financing.

The retailer has started a liquidation sale but plans to utilise the Chapter 11 proceedings to sell some or all of its assets in a limited way.

The firm also stated that its 120 buybuy BABY shops and 360 Bed Bath & Beyond locations’ websites will continue to operate even as it began making moves to close its physical stores.

Just months after announcing more than $500 million in new funding, employment layoffs, and the closure of 150 stores, the firm expressed concerns about its capacity to continue in January. The retailer had intended to raise about $1 billion in February through the sale of preferred shares and warrants in order to stay out of bankruptcy.

The complicated deal allowed the company to obtain $360 million, which helped them cover senior notes’ interest and loan defaults.

However, it cancelled the agreement in late March and declared plans to sell $300 million worth of its shares, threatening to go bankrupt if it couldn’t raise the money.

A court document states that Bed Bath & Beyond Canada announced its closure in February. According to the declaration made public on the website of consulting firm Alvarez & Marsal, the Canadian branch, which manages 54 Bed Bath & Beyond stores and 11 buybuy BABY locations, is insolvent.

(Adapted from TheGuardian.com)