Newsom dismisses Bed Bath & Beyond announcement that chain won’t open in California
The article discusses Bed Bath & Beyond’s decision not to open or operate retail stores in California, announced by Executive Chairman Marcus Lemonis. He cited California’s overly regulated and costly business surroundings, including high taxes, fees, wages, and restrictive regulations, as reasons why the company would avoid reopening physical stores there. This move follows similar actions by other retailers like Safeway, Whole Foods, Macy’s, Sephora, Nordstrom, and Adidas, who have closed stores or exited the state. Despite not reopening stores,California customers can still shop online with delivery available within 24-48 hours.
California Governor Gavin Newsom responded skeptically,referencing Bed Bath & Beyond’s recent bankruptcy and store closures,and wished the company well in its attempts to regain relevance. The article also notes that Overstock acquired Bed Bath & Beyond post-bankruptcy but did not reopen closed stores. Lemonis emphasized the need for business-friendly policies, supporting job retention and fair pricing. The article also highlights California’s notably high minimum wage of $20 per hour and its impact on business closures, mentioning over a thousand fast-food restaurant closures as a recent wage increase.
Newsom dismisses Bed Bath & Beyond announcement that chain won’t open in California
Bed Bath & Beyond Executive Chairman Marcus Lemonis announced Wednesday that his chain 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 said.
“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,” Lemonis said.
Bed Bath & Beyond is following the footsteps of companies like Safeway, Whole Foods, Macy’s, Sephora, Nordstrom, and Adidas that closed at least one store in California or moved out entirely.
California customers will be able to shop on the retailer’s website and receive deliveries within 24-48 hours, according to Lemonis.
Gov. Gavin Newsom (D-CA) pointed out that the company filed for bankruptcy in April 2023.
“After their bankruptcy and closure of every store, like most Americans, we thought Bed, Bath & Beyond no longer existed,” Newsom’s Press Office wrote on X. “We wish them well in their efforts to become relevant again as they try to open a 2nd store.”
Overstock acquired Bed Bath & Beyond in the months following its bankruptcy and rebranded to Bed Bath & Beyond Inc.
Despite the change in ownership, the company did not reopen any stores that it had closed.
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“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,” Lemonis said.
California has the highest minimum wage in the country at $20 an hour, with plans to hike the wage as the years go by. An estimated 1,040 fast food restaurants closed in California from April 2024, when the minimum wage hike went into effect, to September 2024.
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