Home goods retailer Bed Bath & Beyond Inc filed for Chapter 11 bankruptcy protection on Sunday, following its inability to secure the necessary funds to stay afloat.

According to a court filing in a District of New Jersey court, the Union, New Jersey-based company listed its estimated assets and liabilities in the range of $1 billion to $10 billion.

Bed Bath & Beyond revealed in a separate statement that it has received a commitment of approximately $240 million in debtor-in-possession financing from Sixth Street Specialty Lending Inc.

As the company begins efforts to close retail locations, it assured customers that its 360 Bed Bath & Beyond and 120 buybuy BABY stores, as well as their respective websites, would remain open and continue operations.

In February, the struggling retailer had intended to raise around $1 billion through the offering of preferred stock and warrants in an effort to avoid bankruptcy.

The complex deal allowed the company to raise $360 million, which it used to pay loan defaults and interest payments for senior notes.

However, in late March, Bed Bath terminated the deal and announced plans to sell $300 million worth of its shares.

The company warned that it might have to file for bankruptcy if it failed to secure the necessary funds.

Once a popular shopping destination for wedding registries and expectant parents in the 1990s, Bed Bath & Beyond has faced declining demand in recent years.

Its merchandising strategy to sell more store-branded products was unsuccessful.

Last year, the company reported a loss of approximately $393 million after sales dropped 33% for the quarter ending November 26, despite abandoning the strategy and focusing on bringing in more recognizable national brands.

In January, Bed Bath & Beyond raised concerns about its ability to continue operations just months after announcing more than $500 million in new financing, job cuts, and 150 store closures.

Retailers in distress often seek bankruptcy protection after the holiday season to capitalize on the cash cushion provided by recent sales.

According to a court filing, the company’s Canadian operations are also going out of business.

The filing, posted on the website of consultancy Alvarez & Marsal, indicated that the Canadian division, which operates 54 Bed Bath & Beyond stores and 11 buybuy BABY stores, is insolvent.

In March, Bed Bath & Beyond sought shareholder approval for a reverse stock split in the range of 1-for-5 to 1-for-10.

The company’s board urged shareholders to approve the split in early April, warning that bankruptcy would be imminent if the plan failed.