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I say good riddance to bad rubbish. I hate to see businesses go under, but if you cave to the mob, you deserve what you get. And that’s exactly what happened to “Bed Bath & Beyond” when they caved to the mob and canceled Mike Lindell and his “My Pillow” products… and things have been going south for the big box store ever since. At this point, they’re barely hanging on, and will probably be out of business soon. And I am not suggesting that banning “My Pillow” is the only reason they’re going under, but I think it plays a significant role. I know I stopped shopping there because of it, and I used to spend a lot in that store. I know I am not the only one who did that.
Part of the downfall of Bed Bath & Beyond is that you can get all of that stuff on Amazon — a heck of a lot cheaper and of course, Dem’s tyrannical COVID agenda didn’t help either…
CNBC reported that Bed Bath & Beyond on Wednesday announced swift and significant steps it is taking to try to revive its struggling business, including layoffs, store closures and a shake-up of the brands on its shelves.
(Bring back My Pillow, you idiots…)
On a call with investors, the New Jersey-based retailer laid out details of its latest turnaround push. It said it has started closing about 150 of its “lower producing” namesake stores. It will also slash costs by shrinking head count by about 20% across its corporate and supply chain workforce. To strengthen its balance sheet, the company said it secured more than $500 million in new financing, including a loan.
The moves are urgently needed for the troubled retailer, which also disclosed Wednesday that slowing sales have carried into the most recent quarter. Same-store sales plummeted 26% for the three-month period ended Aug. 27 — an even steeper drop than the declines of recent quarters.
Bed Bath’s shares closed down 21% at $9.53 Wednesday.
Its business had already taken many blows. The company said it lost hundreds of millions of dollars in sales because it didn’t have items in stock. It was publicly criticized by activist investor Ryan Cohen, who later sold off his entire stake in the company. Former CEO Mark Tritton, who was chosen to carve out a successful strategy, was ousted by the board in June.
A lot of things came together to bring down Bed Bath & Beyond, and it looks like President Trump was right… everything woke turns to sh*t.
They should have stayed out of politics.
If they apologize and bring “My Pillow” back, I bet that’d go a long way in making many people feel more inclined to shop there again. But the damage may already be done. Too much water under the bridge. Americans are so sick of corporations getting into social and political matters.