Bed Bath & Beyond is hoping its latest financial move will allow it to stave off bankruptcy.

The company announced a stock offering that it expects to bring in more than $1 billion. The money will be used to pay off some of its debt and attempt to rehab the struggling business.

Bed Bath & Beyond filed a report in January with the Securities and Exchange Commission that said it received notice of default on a loan from JPMorgan Chase Bank.

The company also plans to close 150 more stores across the country. The announcement comes about a week after the company said it would close 90 additional Bed Bath & Beyond stores.

The company also announced last week that it was closing all of its Harmon locations. They are mostly located in New York and New Jersey— with additional locations in California, Nevada and Florida.

If the stock selloff does not work, Bed Bath & Beyond warned that it will likely need to file bankruptcy.

The retailer initiated a new merchandising and inventory strategy in the third quarter of 2022. However, Sue Gove, president and CEO of Bed Bath & Beyond Inc., said they did not achieve their goals.

The company reported that sales declined more than 30% compared to the third quarter of 2021.

Click here to see the full list of store closures

Struggling Bed Bath & Beyond files for bankruptcy protection

Updated: 8:30 AM EDT Apr 23, 2023

Bed Bath & Beyond has filed for bankruptcy protection, but its stores and websites will remain open and continue serving customers, the company said.The beleaguered home goods chain made the filing Sunday in U.S. District Court in New Jersey, listing its estimated assets and liabilities in the range of $1 billion and $10 billion. The move comes after the company failed to secure funds to stay afloat.In a statement, the company based in Union, New Jersey, said it voluntarily made the filing "to implement an orderly wind down of its businesses while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets."The firm said its 360 Bed Bath & Beyond and 120 Buy Buy Baby stores and websites will remain open and continue serving customers as it "begins its efforts to effectuate the closure of its retail locations.”The company said it also intends to uphold commitments to customers, employees and partners.