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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 “NOQ“) 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.