California does not provide the right climate for Bed Bath & Beyond store operations, its parent company’s executive chairman, Marcus Lemonis, declared in a statement.
Lemonis, who is also the principal financial officer of the parent organization, now Beyond, but getting ready to change its name to Bed Bath & Beyond, flatly asserted: “We will not open or operate retail stores in California.”
He noted that the decision isn’t political but realistic, adding:
“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.
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 that are squeezed until they break.
At Bed Bath & Beyond, our responsibility is to our customers and our shareholders. We will not participate in a system that undermines both. Instead, we are investing in a California strategy that works: 24 to 48-hour delivery, and in many cases, same-day service. Californians will continue to get the products they love through bedbathandbeyond.com, but without the inflated costs created by an unsustainable model.
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. California’s system delivers the opposite. That’s why Bed Bath & Beyond will serve California customers directly through bedbathandbeyond.com, on our terms and with their best interests at heart.”
