Bed Bath & Beyond files for bankruptcy protection after long struggle

Bed Bath & Beyond on Sunday filed for bankruptcy protection after a long struggle but will keep its stores and websites open as it winds down operations, the housewares company said.

The company filed for Chapter 11 bankruptcy relief in the U.S. District Court in New Jersey and said its estimated assets and liabilities are between $1 billion to $10 billion.

Bed Bath & Beyond had closed hundreds of stores since last year in an attempt to cut costs while the company's stocks also plunged.

"We have made the difficult decision to begin winding down our operations," the company said on its website Sunday. "Bed Bath & Beyond and buybuy BABY stores and websites are open and serving customers."