Bed Bath & Beyond’s executive chairman Marcus Lemonis said the company won’t open stores in California, citing high taxes, fees, and wages. Governor Gavin Newsom responded on X, noting the brand went bankrupt and closed all stores two years ago. Shares dipped to $8.71 Thursday but remain up 58% year-to-date. The company plans to relaunch under the Bed Bath & Beyond name later this month and reclaim its BBBY ticker.
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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