Home goods retailer, Bed Bath & Beyond filed for bankruptcy today after previously caving to the radical left and dropping MyPillow.
In 2019, the company embraced an Environmental, Social, and Governance (ESG) strategy.
To make matters infinitely worse, in 2021, Bed Bath & Beyond dropped all MyPillow products because MyPillow’s CEO, Mike Lindell, accurately claimed the 2020 Presidential election was stolen.
Leftists celebrated when the company dropped MyPillow products.
Conservatives, on the other hand, boycotted the store which led to the company’s struggles.
A year after Bed Bath & Beyond dropped MyPillow products, the company was forced to stop using air conditioning in its stores to offset the considerable drop in sales.
The company was forced to shutter hundreds of stores last September and lay off over 20% of its workforce. The CFO jumped to his death the following week.
Their struggles continued into 2023 with more store closures and cratering stock value.
Bed Bath & Beyond’s story is proof that “everything woke turns to sh*t”.
CNBC reported:
Bed Bath & Beyond on Sunday filed for Chapter 11 bankruptcy protection after a series of last-ditch efforts to raise enough equity to keep the business alive failed at the eleventh hour.
The struggling home goods retailer has been warning of a potential bankruptcy since early January, when it issued a “going concern” notice that it may not have the cash to cover expenses after a dismal holiday season.
“Bed Bath & Beyond Inc. today announced that it and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey to implement an orderly wind down of its businesses while conducting a limited marketing process to solicit interest in one or more sales of some or all of its assets,” a statement Sunday read.
“The Company’s 360 Bed Bath & Beyond and 120 buybuy BABY stores and websites will remain open and continue serving customers as the Company begins its efforts to effectuate the closure of its retail locations.
The retailer has struggled to maintain relationships with its vendors and has been grappling with low inventory levels, lagging sales and a rapidly dwindling cash pile.
Going into the holiday season, Bed Bath had difficulty keeping its shelves stocked and because of its liquidity issues, some vendors began asking for prepayments, the company said in securities filings.
