The company, which sold everything from shower curtains to vacuums, filed for relief under Chapter 11 at the United States Bankruptcy Court for the District of New Jersey.

Bed Bath & Beyond had been a fixture on Fortune 500’s list of biggest American companies for years. However, the company’s financial troubles began to grow as online shopping continued to dominate the retail market. Despite several efforts to restructure the company, which included closing 150 underperforming stores in 2022, the company was unable to turn its finances around.

This decline was evident in January when the company warned of “substantial doubt about the Company’s ability to continue as a going concern.” This warning signaled to many that the company could file for bankruptcy. Bed Bath & Beyond said at the time it expected to incur a loss of $386 million in the quarter.

The chapter 11 filing could result in the closure of many of the company’s retail locations. However, the company will continue serving customers as it attempts to wind down its current operations. CEO Sue Gove expressed the company’s appreciation for its associates, customers, partners, and communities and said that the company would work diligently to maximize value for all stakeholders.

Bed Bath & Beyond’s struggles represent a broader trend, where retailers who failed to evolve or adapt in the face of online shopping, are finding it increasingly hard to compete. Amazon and Target are just two of the companies that have invested heavily in their online shopping experience in recent years, placing them ahead of the curve. As Bed Bath & Beyond exits the market, other retailers will likely take its place, evolving and adapting in the ever-changing retail landscape.