Bed Bath & Beyond – one of the first companies to stop selling Mike Lindell’s MyPillow products because he challenged the result of the 2020 presidential election – now is curbing the air conditioning in its stores to compensate for slumping sales, according to a report from Bank of America.
The nationwide retailer’s decision in January 2021 to quit selling Lindell’s products was met with a boycott. Later that month, shares of Bed Bath & Beyond plunged 36.4%, the biggest one-day loss since going public in June 1992.
The company began 2022 with a plan to close 37 stores across 19 states.
Earlier this month, Walmart discontinued Lindell’s MyPillow product at its stores. In January, Lindell said one of the nation’s largest banks move to dump the nine businesses and charities he has founded in the wake of his success with MyPillow.
A representative of Bed Bath & Beyond told CNN Business there has been no order from corporate to change store temperature guidelines. But analysts at Bank of America who have visited stores, the network said, “report mounting concerns, including labor hours that have been meaningfully cut, scaled back utilities, reduced store operating hours and canceled remodeling projects.”
More store closures are expected, the analysts say. And CNN noted that fire sales and price reductions run rampant, including up to 50% off bedding and furniture.
An easing of COVID restrictions means a lower demand for home goods and supply chain problems have led to a lack of inventory to attract customers, they said. However, competitors, including Walmart and Target, have seen their traffic remain steady. Meanwhile, Bed Bath & Beyond is down 20% to 30% year-over-year.
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