Here in the Houston area where the temperature has been regularly in triple digits, that's a deal-breaker.
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.
Same with us. Once a month we would pop in there with a handful of coupons. Post rona, the BBB looks empty and like it was looted. We went there because it was actually a great place to handle things before we purchased. Now it’s just a storefront for the website.
They Probably still have inventory give it 3 months
Gee, no one saw this coming.
Here in the Houston area where the temperature has been regularly in triple digits, that's a deal-breaker.
Semi-related: The sheets from MyPillow are easily the best I ever had.
Bad move, the coupons were the only things that made their sales items competitive.
Bed Bath & Beyond has been been in trouble for years. I don’t think the My Pillow issue has much to do with it.
My wife has pretty much bought every product My Pillow makes in support of Mike.
The pillows are fine. The sheets are great. The slippers are two sizes too small. So, if you need a size 9, buy an 11. She bought slippers for both me and my son. We sent mine back and I kept his because his foot is two sizes bigger than mine.
“Same with us. Once a month we would pop in there with a handful of coupons. Post rona, the BBB looks empty and like it was looted. We went there because it was actually a great place to handle things before we purchased. Now it’s just a storefront for the website.”
I forgot the coupons. My wife inherited liking/using coupons from her Mother. The store, we used to shop at, had great coupon/deals on the useable, consumable and throw away stuff. They often matched Costco monthly coupon/price book.
“Politics should have no place in business”
BINGO
Michael Jordon was asked once why he never spoke about politics. His reply was: “Republicans buy sneakers too.”
No place huh? Is that why "business" has been pushing for open borders and cheapo labor for 50+ years? Why "business" has been bribing the US congress to eliminate almost all tariffs and undermining us manufacturing while other countries we "free" trade with protect theirs? LOL!! politics out of business you say?, yeah riiiight.
More business education in that statement then spending 2 years at Harvard B-School!
Kitchen bed and bath items have lower priority or necessity than food, fuel and health care, when all costs are going up.
BB&B is maybe just the first major bricks and mortar retailer to show the depth of problems in retail that others swill soon show.
Sad. Even though I have not responded to tons of Email prootions from BB&B in months, with purchases of additional stuff, I do like the store, and if I really needed certain things I’d rather get it from them than from some on-line only retaiers.
One of the thing hurting them is the dip in home purchases that is just starting to show itself more. The annual rate of existing home sales has been declining since August 2021, when it was -1.8%, to last month when it was -8.6%. The annual rate of sales of new homes has declined from its last peak in July 2020 (which was close to the high before the last big housing bubble and may represent a rate that would be more stable over a long run if other economic factors did not upset it).
Supplying the home is all that BB&B are about.
I would hate to see them go under.
GO WOKE, GO BROKE!
The headline is a lame attempt to link two disparate facts. Causation versus correlation.
I would expect the employees to be smiling and ready to help. Right?
“BBB is mostly Chinese junk”
Most every store suffers from that ailment.....trying to find merchandise that’s NOT manufactured in China is a neat trick that I haven’t mastered yet that’s for sure.
Shame that some decent people will lose their jobs and end up with worthless company stock. Go woke go broke.
Never been to that place is it like really cheap Target
It’s more like a Kohl’s with no clothing and less space......................
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