Bed Bath & Beyond Was Warned…Now They Pay the Consequence
Bed Bath & Beyond, one of the most popular home goods retailers in the United States, is on the brink of filing for bankruptcy. In the past year, they have closed more than 150 stores and their stock has plummeted to low that they haven’t seen since the early 90s. This decline can be traced back to their decision to discontinue MyPillow products from their shelves.
MyPillow is a pillow manufacturing company founded by Mike Lindell, a vocal supporter of former President Trump. After Lindell visited the White House in January 2021, Bed Bath & Beyond and other retailers decided to stop selling MyPillow products due to his involvement in “spreading election conspiracy theories”. This decision sparked outrage among conservatives who began boycotting Bed Bath & Beyond in protest.
The boycott has had a major impact on Bed Bath & Beyond’s bottom line. They have seen a significant drop in sales as customers choose to shop elsewhere instead of supporting a business that no longer carries MyPillow products. Additionally, many stores have been forced to close due to lack of foot traffic and revenue.
This situation has put Bed Bath & Beyond in an incredibly precarious position as they are now teetering on the brink of bankruptcy. If they cannot turn things around soon, it could spell disaster for the company as well as its employees and shareholders.
The controversy surrounding MyPillow has also highlighted how important it is for businesses to consider public opinion when making decisions about what products they carry or don’t carry. Companies must weigh the potential benefits and risks associated with any decision before taking action so that they can avoid alienating large segments of their customer base or sparking boycotts that could put them out of business entirely.
It remains to be seen if Bed Bath & Beyond will be able to recover from this crisis or if it will succumb to bankruptcy like so many other companies during this difficult economic time. However, their decision regarding MyPillow will continue to reverberate throughout the retail industry for years to come.