00:00Bed Bath & Beyond just snubbed California and Gavin Newsom is firing back.
00:04The company's executive chairman, Marcus Liminis, says they won't open retail stores in California because of high taxes, high fees, and unsustainable wages.
00:15But Newsom clapped back on X, reminding everyone this is the same company that went bankrupt and closed every store two years ago.
00:23Beyond Inc., the new parent company, bought the Bed Bath & Beyond brand after that bankruptcy.
00:29Shares have closed at $8.90 on Wednesday, but today at the time of this recording, the shares are trading lower at $8.71.
00:38Even with that dip, the stock is still up 58% year-to-date.
00:42And despite avoiding California stores, the company says it will focus on 24-48 hour delivery and same-day service.
00:50The company is also changing its name back to Bed Bath & Beyond later this month and reclaiming the BBBY ticker.
00:57Do you think avoiding California is a smart move or a big mistake?
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