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.
Are these people insane?
There’s a local store here called “Spoons and Spice”. They have a good selection of good kitchenware. I buy only stainless steel stuff now whenever appropriate or possible. It pays off in the long run.
I would guess nearly all boomers are not in the accumulation phase these days. They are getting rid of stuff, down sizing, etc. That’s bad news for places they shop.
Drastically higher prices. Everything at BBBY is readily available on Amazon for at least 40% less. They are the Staples of housewares - great if you need something immediately. otherwise wait for the big brown truck. :)
Yes they are............................
Bathhouse & Beyond? Not too good. Get the Husseins as spokeswokes.
“Cut down on using the AC?”
That’s because your democrats have energy so bollixed up Mr. woke CEO. Schmuck.
My wife upon hearing this said that maybe she’ll start shopping there now — since she complains constantly about how cold she is shopping at other stores…
Does it smell funny ,LOL
Depends........................
Sorry, last time I was in a BBBY store was a Christmas Tree Shop. I believe they sold that store a few years ago. Bed Bath and Beyond a few years ago when I thought it was the Petco next door.,.....
The good news is Bed Bath and Beyond employees will receive a discount on soap which they will need when they get home after their shift with no A/C.
I can understand that. Once in 1999, I was working part-time in a beer and wind store in Maryland, and the air conditioner went out during one of the hottest days of the year.
The temperature was 104 degrees inside the store, and I was still there, expected to work. I took occasional breaks inside the walk-in cooler, which was still working. I was 32 at the time. I think now, at 55, I could still pull it off, but I’m not sure I would do it quite as well.
I would hope so. I worked in a Beer and Wine store in 1999. One day, the air conditioning conked out, and it was 104 degrees inside the store. I worked anyway, taking breaks inside the walk-in cooler.
Means they’re doing the next thing to going out of business here in the South. There is no way anybody can do retail business in this part of the country without air conditioning for its customers. Indeed, one of the big reasons the South has become a great place to do business is air-conditioning.
Colonel Sanders when asked what he thought of Hippies replied,
“They eat chickens don’t they?”
I go into a Wal-Mart once every two years or so, and they NEVER have what I am looking for... :-)
I’ve never had that problem because I only buy certain things like chicken breast in the 10 pound bags but a local Kroger doesn’t have what I need half the time. I was saddened the other day when I went to WalMart and there wasn’t one thing in their freezers. I wondered if I was seeing the beginning of food shortages...;(
I thought BB&B dumped MyPillow a while ago.
I dumped BB&B then and there.
I said the same about McDonald's dollar menu, that should have been a one-time special, or a once-per-year special, but instead drove franchises near the red in many locations.
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