“The appeal of owning Willy Wonka’s golden ticket — or the blue ticket — is gone,” Dancy said.

When Mr. Dancy called him on the Sunday after the bankruptcy news, he was getting ready to go to the store that same day with his husband and lots of coupons to buy sheets, a robot vacuum cleaner, a deep fryer, and everything else that slipped out of his hands.

“I just don’t want to go there and lose 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 employees. Just days after the restructuring was announced, the retailer was hit by an emotional turmoil when its chief financial officer, Gustavo Arnal, passed away. Arnal’s death was ruled a suicide, according to the New York City Medical Examiner’s Office.

Suppliers of Bed Bath & Beyond got scared and demanded upfront payment. Sue Gove, who became permanent chief executive in October, said this resulted in inventory levels nearing 70 percent last holiday season.

The company avoided bankruptcy in early February after it came up with a plan to use a public offering of shares to raise more than $1 billion. The plan, backed by Hudson Bay Capital Management, was only good as long as Bed Bath & Beyond stock stayed above $1 a share. This month, Bed Bath & Beyond canceled that deal after its terms were violated. Its shares closed at 29 cents a share on Friday.

Meanwhile, sales continued to fall, robbing the company of the cash and confidence it needed to have suppliers deliver goods to its stores.

“It’s a death spiral,” said Neil Saunders, managing director of GlobalData’s retail division. “If you can’t get shares, you can’t sell. If you cannot make sales, your credit deteriorates. If your credit deteriorates, people are less willing to supply you. It seems that this circle cannot be broken.