Bed Bath & Beyond files for Chapter 11 bankruptcy

Bed Bath & Beyond filed on Sunday for Chapter 11 bankruptcy.

The company's 360 stores -- along with its 120 buybuy BABY stores -- are expected to remain open as the retailer begins its bankruptcy restructuring, according to a statement released Sunday. Online sales are also expected to continue.

Sue Gove, president & CEO, said the company would work "diligently to maximize value for the benefit of all stakeholders."

"We deeply appreciate our associates, customers, partners, and the communities we serve, and we remain steadfastly determined to serve them throughout this process," Gove said.

In a filing in U.S. Bankruptcy Court in the District of New Jersey, the company said its liabilities totalled more than $1 billion. The company said in a release it had secured financing of $240 million from Sixth Street Specialty Lending to support its operations during the turnaround process.

The New Jersey-based company listed debt, including long-term liabilities, totalling about $5.2 billion in its most recent quarterly filing with the Securities and Exchange Commission. Its assets were about $4.4 billion, including about $153 million in cash or equivalents.

ABC News' Darren Reynolds contributed to this story.