“The allure of having the Willy Wonka golden ticket — or blue ticket — was gone,” Mr. Dancy said.

When reached on Sunday after the bankruptcy news, Mr. Dancy was preparing to go to the store that afternoon with their husband and plenty of coupons to purchase sheets, a Roomba, an air fryer and whatever else jumped out.

“I just don’t want to go in there and drop two grand but I probably will,” Mr. Dancy said.

In August, the company announced an aggressive restructuring plan, saying it would close 150 stores and lay off more workers. Just a few days later, the retailer was thrown into emotional tumult when its chief financial officer, Gustavo Arnal, died, a death that was ruled a suicide.

Bed Bath & Beyond’s suppliers started to get spooked and began demanding payment upfront. That led to in-stock levels around 70 percent during the past holiday season, according to Sue Gove, who became the permanent chief executive in October.

In early February, the company sidestepped bankruptcy after coming up with a plan to use a public stock offering to raise more than $1 billion. The plan, backed by Hudson Bay Capital Management, was good only so long as Bed Bath & Beyond’s stock stayed above $1 a share. This month, the retailer canceled that deal after its terms were breached. Its stock closed at 29 cents a share on Friday.

All the while, sales continued to fall, starving the company of the cash — and confidence — necessary to keep suppliers shipping to its stores.

“It’s a death spiral,” said Neil Saunders, the managing director at GlobalData’s retail division. “If you can’t get the stock, you can’t make the sales. If you can’t make the sales, your credit deteriorates. If your credit deteriorates, people are less willing to supply you. That cycle seems impossible to break.”