DAYTONA BEACH − Struggling retailer Bed Bath & Beyond Inc. appears to be throwing in the towel.

The New Jersey-based company filed for chapter 11 bankruptcy protection on Sunday. It announced plans to begin a liquidation sale with a strong likelihood it will eventually close all 360 Bed Bath & Beyond locations as well as its 120 Buy Buy Baby stores.

That includes its lone Volusia-Flagler area location: the Bed Bath & Beyond store at the International Speedway Square retail center at 2500 W. International Speedway Blvd. in Daytona Beach.

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What does Chapter 11 mean?

Chapter 11 bankruptcy protection gives a company temporary protection from having to pay unsecured creditors. That means it can continue to operate for now, unlike a chapter 7 filing which would require the immediate liquidation of its assets.

Bed Bath & Beyond Inc. in a news release issued Sunday said it obtained $240 million in debtor-in-possession financing from Sixth Street Specialty Lending Inc. to support operations during the Chapter 11 process.

Is there a chance that Bed Bath & Beyond can bounce back?

In some cases, companies can successfully exit chapter 11 and resume operating business-as-normal thanks to either new financing and/or a court-approved plan for returning to profitability.

That doesn't appear to be the likely outcome for Bed Bath & Beyond Inc., but there is a slight chance it could happen.

The company said it is pursuing a "dual-path process" that includes asking the bankruptcy court to hold an auction to try to find a buyer for its Bed Bath & Beyond and Buy Buy Baby chains. "In the event of a successful sale, the company will pivot away from any store closings needed to implement a transaction," its news release stated.

Can I still use my Bed Bath & Beyond coupons?

Bed Bath & Beyond is well known for its readily available coupons for discounts which meant savvy shoppers never had to buy items at full price. Sunday's news release made no mention of the coupons, but the company on its website stated: "We anticipate that we will stop accepting coupons on (Wednesday) April 26, 2023." That date is when the chain will begin its store closing sales offering all items at "deep discounts."

What about online orders?

The company said customers for now will still be able to make online purchases. It added that it expects all in-stock orders will be fulfilled.

Can I still make returns?

Bed Bath & Beyond Inc. stated: "We expect to accept returns and exchanges for items purchased prior to April 26, 2023, in accordance with our usual policies until May 24." But when its store closing sales begin on Wednesday, all purchases made at that point will be final.

What about my Welcome Rewards?

Customers will be able to redeem Welcome Rewards until May 15, but the company is no longer awarding new Welcome Rewards on purchases.

Can I still use merchandise credits?

Customers have until May 15 to redeem merchandise credits.

Can I still use gift cards?

Customers will be able to use gift cards through May 8.

This article originally appeared on The Daytona Beach News-Journal: Bed Bath & Beyond files bankruptcy. Here's how it affects its coupons.