Executive chairman Marcus Lemonis tells ‘The Big Money Show’ that Bed Bath & Beyond will launch 300 stores throughout the country – excluding California – while shooting high costs, strict rules and weak enforcement of crime.
Bed Bath & Beyond’s Executive chairman Marcus Lemonis announced on Wednesday that the company will not open or exploit stores in California, and says that the decision “is about politics – it’s about reality.”
Lemonis said in a statement on X that the decision was driven by the fact that the company would not be able to support activities in the state due to higher taxes, higher costs and higher wages in combination with “endless regulations that strangle growth.”
“California has created one of the most over -regulating, expensive and risky environments for companies in America,” said Lemonis, and noted that the state’s policy has created a system “that makes it more difficult to hire people, more difficult to keep doors open and more difficult to deliver value to customers.”
Bed Bath & Beyond’s iconic 20% Coupon is back, but there is a catch
Lemonis said that the budget surpluses of the state are at the expense of “ordinary citizens who pay too much and companies that are pressed until they break.”
Lemonis said the company will not participate in a system that he says it undermines both its customers and shareholders. But the company does not alienate its Californian customers. Instead, Lemonis said that the company is investing in a strategy that will enable Californians to get products from Bedbathandbeyond.com that are delivered between 24 and 48 hours. In many cases, the service will be offered on the same day, Lemonis said, and noted that it will help the company to avoid the “bloated costs created by a non-durable model”.
Bed Bath & Beyond Coupons accepted on Big Lots, The Container Store after bankruptcy
This is when the ailing company fights its way back to relevance after it collapsed in 2023 by the increasing debts and various failed reversal strategies. Under her parent company, renamed outside Inc. To Bed Bath & Beyond this week, the retailer returns to physical stores With the first Bed Bath & Beyond Home Store opening in Nashville earlier this month.
“California has created one of the most over -regulating, expensive and risky environments for companies in America,” said Bed Bath & Beyond Executive chairman Marcus Lemonis. (Justin Sullivan / Getty images)
In 2023 the original Bed Bath & Beyond presented on chapter 11 bankruptcy and closed all physical stores after fighting with issues such as “poor stock management, slow acceptance of online store trends and exaggerated dependence on coupon shops,” says Reuters.
Overstock.com bought his brand name, domain and other intellectual property for $ 21.5 million in June 2023 and then brought his website back into Bath & Beyond Banner’s Bed by August. In November 2023, Overstock renamed Beyond, Inc., but Kirkland’s Inc. has an investment agreement of $ 25 million completed with outside, which is also the parent company of Overstock, Zulily and Buybuy Baby, In February, Kirkland’s can become the exclusive physical operator and licensee for new, smaller “neighborhood” Bed Bath & Beyond locations nationwide.
Bed Bath & Beyond tries to make a comeback after submitting bankruptcy in 2023. (Scott Eells / Bloomberg via / getty images)
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Earlier this week, Lemonis said that the company has changed its company name to Bed Bath & Beyond, Inc. And his ordinary shares will start acting under the Ticker symbol Bbby on the New York Stock Exchange with effect from 29 August, because it wants to emphasize what he says are the “most valuable pieces of intellectual property that investors and consumers know today.”
The aim of the company is to grow the Bath & Beyond fire, while at the same time overstock.com “is going to build back to a nameplate of billion dollars” and to maximize value in the blockchain assets Tzero and Grainchain.
