Beyond Inc. (NYSE:BYON), the Murray, Utah-based parent company of the Bed Bath & Beyond brand, announced that its return to brick-and-mortar retailing will not include California.
Marcus Lemonis, executive chairman of Bed Bath & Beyond, issued an online statement that declared, “We will not open or operate retail stores in California. This decision isn’t about politics — it’s about reality. California has created one of the most overregulated, expensive, and risky environments for businesses in America. It’s a system that makes it harder to employ people, harder to keep doors open, and harder to deliver value to customers.”
Lemonis faulted the California business environment for “higher taxes, higher fees, higher wages that many businesses simply cannot sustain, and endless regulations that strangle growth. Even when the state announces a budget surplus, it’s built on the backs of ordinary citizens who are paying too much and businesses who are squeezed until they break.”
Lemonis continued that his company’s decision was based in “our responsibility is to our customers and our shareholders. We will not participate in a system that undermines both. Instead, we are investing in a California strategy that works: 24–48-hour delivery, and in many cases, same-day service. Californians will continue to get the products they love through BedBathandBeyond.com — but without the inflated costs created by an unsustainable model.”
Lemonis also responded to an inquiry on X stating the brand will have a physical presence in “almost every other state.”
Bed Bath & Beyond filed for bankruptcy and closed its stores in 2023. Overstock Inc. acquired Bed Bath & Beyond’s intellectual property assets for $21.5 million and changed its name to Beyond Inc. Earlier this year, Beyond Inc. acquired a majority ownership stake in the home décor chain Kirkland’s Inc. and announced plans to convert Kirkland stores into Bed Bath & Beyond outlets. The revised Bed Bath & Beyond opened its first new store in Nashville earlier this month. Beyond Inc. plans to change its corporate name to Bed Bath & Beyond and revise its New York Stock Exchange ticker symbol to BBBY on Aug. 29.
Photo: Mike Mozart / Flickr Creative Commons
This statement says it all, “our responsibility is to our customers and our shareholders“. They don’t want to pay their employees a fair living wage. California currently has a minimum wage of $16.50. Why shouldn’t the backbone of what makes your retail company run be allowed a wage that boosts them above the poverty level.
my sentiments EXACTLY
Retail level jobs are not meant to be anything other than starter jobs or for retired people wanting a little extra cash. Anyone who expects to live independently and/or with children should not be working these types of jobs. Businesses can’t operate if they pay people with little education and experience high wages with benefits. Join the real world.
Their official statement
We will not open or operate retail stores in California.
This decision isn’t about politics it’s about reality. California has created one of the most overregulated, expensive, and risky environments for businesses in America. It’s a system that makes it harder to employ people, harder to keep doors open, and harder to deliver value to customers.
The result? Higher taxes, higher fees, higher wages that many businesses simply cannot sustain, and endless regulations that strangle growth. Even when the state announces a budget surplus, it’s built on the backs of ordinary citizens who are paying too much and businesses who are squeezed until they break.
At Bed Bath & Beyond, our responsibility is to our customers and our shareholders. We will not participate in a system that undermines both. Instead, we are investing in a California strategy that works: 24-48 hour delivery, and in many cases, same-day service. Californians will continue to get the products they love through BedBathandBeyond.com but without the inflated costs created by an unsustainable model.
We’re taking a stand because it’s time for common sense. Businesses deserve the chance to succeed. Employees deserve jobs that last. And customers deserve fair prices. California’s system delivers the opposite. That’s why Bed Bath & Beyond will serve California customers directly through BedBathandBeyond.com, on our terms, and with their best interests at heart.
OK it worked. I would be interesting to see what group or entity and who owns or majority in the group that obtained the stores??? Sometimes you wonder why Cailfornia is targeted so much to run business out, then who buys that property at a discount?
The decision is not about politics? Hells bells it’s why that state is so messed up! Weak, crooked & anti-American governance purposely trashing the state by flooding it w illegals, putting the cost of their care on the tax paying citizens.
is it a symptom of insanity doing the same thing twice and expecting different results.. looks like bb&b learned their California lesson well… looks like this corporate leader is wiser than many these days. stay clear of California