Posted on 06/29/2022 9:07:25 AM PDT by Red Badger
Within months after dropping MyPillow products from their stores, Bed Bath & Beyond is in a fiscal freefall. They have now fired their CEO and are turning off air conditioners in retail stores across the country in an effort to save money.
Chances are dropping MyPillow played less of a role in their current freefall than the fact that Bidenomics is tearing through retail stores like an Oklahoma tornado, but it’s conspicuous that Bed Bath & Beyond seems to have been hit harder than less “woke” retailers. For transparency, we wholeheartedly support MyPillow, not just because they’re one of our sponsors (promo code “TLD“) but also because they’re an America First company led by an America First patriot, Mike Lindell.
According to Yahoo:
Bed Bath & Beyond is giving its turnaround CEO the boot after delivering anything but a turnaround. The struggling retailer said Wednesday CEO Mark Tritton is leaving the company and the board, effective immediately. Board member and retail veteran Sue Gove is taking over the retailer on an interim basis.
Bed Bath & Beyond declined to make Gove available to Yahoo Finance for an interview. The decision to remove Tritton — who was brought in back in 2019 after a very successful operation stint at Target (TGT) — comes after another disastrous quarter for the company.
Bed Bath saw same-store sales crash 27% at its namesake brand as shoppers pulled back on discretionary purchases while also shunning a more upscale push with fewer coupons at the company. Adjusted operating profits came in at a loss $224 million.
The company ended the quarter with a worrisome $107 million in cash, and promised it was in active searches for a permanent CEO. The company also hinted at a potential sale of its baby business, buybuy BABY. Shares fell 18% in early trading. Shares of Bed, Bath & Beyond, which more than tripled during the meme market of late 2020 and early 2021, are down over 80% from highs reached in early ’21.
They’re feeling the heat… literally. Stores have been told to cut back on air conditioning. According to the NY Post:
The struggling home goods chain — which reported a steep decline in sales last quarter — is turning down the air-conditioning in its stores in an effort to cut costs, according to Bank of America analysts who have visited the stores.
Along with turning down the thermostat, the company has chopped its employees’ hours and canceled remodeling projects, according to the report.
“From our store visits, we believe that Bed Bath & Beyond is trying to quickly trim expenses to align costs with [sales] declines,” according to the Bank of America report. The report also claims that the chain will be reducing store hours in July when opening times will be pushed to 11 a.m. from 10 a.m.
The retailer denied it is penny-pinching on utility costs.
Wokeness is a disease that doesn’t just keep leftist snowflakes oblivious to reality. It harms businesses who think they can get by after alienating half of the country. Bed Bath & Beyond is the latest victim of their own idiocy.
on Truth social, they call it Busted, Bankrupt and Beyond..
“buybuyBaby”? Did anyone say that out loud before adopting it as the name??? I mean, seriously.
Good name for a PP abattoir, though. Maybe they can sell the trademark.
Walmart just cancelled the My Pillow line too.
I stopped shopping there when they got rid of the Beyond department.
This is also in Yahoo! finance. BBBY is about to go bust.
It is surprising they have lasted this long, their stores usually have only a few customers at a time.
What does Bed Bath and Beyond have that I can’t get at Walmart, Target or any other retailer?
Just read the headline to Mrs V_TWIN. She used to be a fairly frequent customer....I asked her why she doesn’t shop there anymore.....”too expensive” she said.
From what I’ve seen there’s nothing in there I can’t get at Walmart cheaper.
I have some my pillow products. Really like what I have purchased from them, good quality stuff for reasonable price.
Bed Bath and Beyond brought in some turn around guy who thought he could “UPSCALE” them?????? Where do they find these people...
JCPenny taught everyone the joke of this attempt when they brought in that APPLE retail guy who decided the “right” direction for JCPenny’s was to get rid of coupons and drive away the decades long loyal (mostly women) shoppers who knew the ins and outs of their coupon and sale system better than the people running the place did.
BB&B was never a place I frequented, but I did know if I went in there I would likely find something for people that are hard to shop for for christmas.. last year I walked through the place and didn’t see anything on the shelves that I could say that about.
Nothing like authoring you own demise. Like the ole adage goes, “do stupid things, win stupid prizes.”
Buh bye BB&B, was nice knowing you.
Companies that make political statements lose half of potential customers.
“Republicans buy sneakers too.”
Michael Jordan
Cut down on using the AC?
In Texas with the heat we’re having, that’s a sure fire way for people to turn around and leave. I’ve been with friends and if a store is hot, we won’t shop there. It’s a stupid decision.
Higher prices?
Cuts ac...lol
I'm not going to hot link it here, because really no one should listen to that song. I don't want to recommend it, and cause you to go to hell. Definitely a not safe for work lyrics.
but just in case, go to Youtube and search "Team America World Police Theme song"
They dropped MyPillow in Jan 2021
where the BBB store is near me theres also a store in the same strip called “The And That” store....it doesn’t carry the exact line of merchandise but I’m pretty sure it’s hurting the bbb store.
Wtf? Lol. Walmart???
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