Bed Bath & Beyond may file for bankruptcy this week.

Bed Bath & Beyond is preparing to file for bankruptcy protection as soon as this week and is closing more stores unless a last-minute buyer can be found, four people close to the matter told Reuters on Tuesday.

Another person familiar with the situation said the timing of the bankruptcy filing was changing as the retailer’s advisers met on Monday evening to explore any remaining options, the report said.

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Bed Bath & Beyond Shop, January 8, 2023, Cherry Hill, NJ (Fox News)

Bed Bath & Beyond is currently negotiating a loan to help it navigate bankruptcy proceedings, and investment firm Sixth Street is in talks to provide financing, two of the people said. The firm loaned Bed Bath & Beyond $375 million last year, but declined to comment on the current issue.

In the year In addition to the 150 closings announced by 2022, the former retailer is now saying it will close 87 more Bed Bath & Beyond stores and five Buy BABY stores. The company is closing its health and beauty discount chain Harmon.

Bed bath and beyond sales will close 150 stores

buybuy baby store front, Cherry Hill, NJ, January 8, 2023 with cart return rack. (Fox News)

In a statement to Reuters, the company said it was working with its advisers to consider “a number of avenues” but declined to comment on any bankruptcy plans.

Last week, Bed Bath & Beyond filed for bankruptcy after defaulting on a loan. Sources told Reuters the retailer is considering skipping debt payments due on February 1.

In the year In the quarter ending Nov. 26, Bed Bath & Beyond reported a loss of about $393 million after sales fell 33 percent.

Net sales declined 33 percent to $1.259 billion, primarily due to a 32 percent YoY sales decline.

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Reuters contributed to this article.