California Governor Gavin Newsom’s office recently made a statement regarding Bed, Bath & Beyond.
They remarked, “Like many Americans, we assumed it was out of business after its bankruptcy and store closures.” This was shared on social media.
They expressed hope that the company finds success as it attempts to reopen a new location.
However, Bed, Bath & Beyond will not be launching or running a new store in California this week, citing “overregulation” and “hazardous environments” as reasons.
Marcus Lemonis, the executive chairman of the company, stated, “This isn’t about politics; it’s about reality.”
He noted that California’s business climate makes it challenging to hire, maintain operations, and deliver value to customers. He also highlighted that their stores are present in nearly every other state.
In 2023, Bed, Bath & Beyond closed over 300 stores and filed for bankruptcy.
Now, two years later, they’re planning a comeback with a new store opening in Nashville—under a slightly different name: Bed Bath & Beyond Home.
While no plans exist for stores in California, the company still offers 24-48 hour delivery and same-day services on select items.
In his recent remarks, Lemonis took aim at Californian policies, pointing out challenges like higher taxes, fees, and wages. He suggested these factors burden many businesses and stifle growth.
He also mentioned a rise in retail theft over the past two years, noting that residents passed Proposal 36 to classify repeat shoplifting as a felony.
“Even if the state announces a budget surplus, it’s essentially funded by ordinary citizens facing high costs and businesses being squeezed until they can’t sustain themselves,” Lemonis said. “In Bed, Bath & Beyond, the responsibility to customers and shareholders doesn’t align with a system that undermines both.”
