Bed Bath & Beyond will not open California stores, quoting state regulations

Bed bath and beyond it CEO Marcus Limons announced on Wednesday that the company will not open or manage retail stores in California, saying that the decision “is not related to politics – it is related to reality.”

Limons said in a statement published on X that the decision was driven by the fact that the company will not be able to maintain operations in the country due to the high taxes, high fees and high wages alongside “endless regulations suffocating growth.”

“California has created one of its most organized and risky environments in America,” Limons said, noting that state policies have created a system “that makes it difficult to employ people, more difficult to keep the doors open, and more difficult to provide value to customers.”

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Limons said that the surplus of the state budget comes at the expense of “ordinary citizens who pay more than necessary and the companies that are pressured until they are broken.”

Limons said that the company will not participate in a system that it says is undermining its customers and shareholders. But the company does not alienate its customers in California. Instead, Lemonis said that the company is investing in a strategy that will enable California residents to obtain products from Bedbathandbeyond.com that will be delivered between 24 and 48 hours. Limons said that in many cases, the service will be provided on the same day, noting that it will help the company to avoid “the enlarged costs created by an unsustainable model.”

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This comes at a time when the sick company fights its path to importance after its collapse in 2023 from the escalation of debts and many failed transformation strategies. Under her mother company, which was named from Beyond Inc. To Bed Bath & Beyond this week, the retail seller returns to Brick stores and mortar shells With the opening of the first Bed Bath & Beyond Home Store in Nashville earlier this month.

In 2023, Bed Bath & Beyond was presented, which was presented to bankruptcy of Chapter 11 and closed all material stores after competition with issues such as “weak stock management, slowly adopting online shopping trends and excessive dependence on voucher shopping,” according to Reuters.

Overstock.com bought the brand’s name, domain and other intellectual property for $ 21.5 million in June 2023, then its website was re -operated under Bed Bath & Beyond Banner by August. In November 2023, Overstock has renamed its identity to companies as in Beyon Overstock, Zulily and Buybuy Baby, In February, Kurchland enables to become the exclusive operator of construction, curtain and licensed for Bed Bed Bath & Beyond Mostations New Neighbor NeighBor.

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Earlier this week, Lemonis said that the company changed the company’s name to Bed Bath & Beyond, Inc. Its shared shares of trading will start under the Ticker BBBY code on the New York Stock Exchange from August 29 as it seeks to highlight what he says are “the most valuable parts of intellectual property that investors and consumers know today.”

The company’s goal is to develop Bed Bath & Beyond Brand with the construction of Overstock.com at the same time “Back to a Bullar Dl” and maximize value within Blockchain Tzero and Grainchain’s assets.