One of America’s most prominent companies filed for bankruptcy today after previously caving to the radical left and dropping MyPillow.
Bed Bath & Beyond officially became a perfect symbol of the saying “get woke and go broke.”
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.
Jim Hoft reported two years ago that Bed Bath & Beyond spat in the face of conservatives on election integrity. They stopped selling MyPillow products after Mike Lindell challenged the 2020 presidential election results.
Bed Bath & Beyond has now officially DROPPED MyPillow! Thank you to everyone who stepped up and help amplify our message and thank you to @BedBathBeyond for siding with democracy. https://t.co/otp3dH7r7c
— MeidasTouch (@MeidasTouch) January 19, 2021
A year after Bed Bath & Beyond dropped MyPillow, TGP’s Cristina Laila revealed the company was forced to drop air conditioning in its stores to offset a drop in sales after freezing out Mike Lindell.
But this desperate effort had no impact. Bed Bath & Beyond was forced to close hundreds of stores last September and lay off over 20% of its workforce. The CFO jumped to his death the following week.
Their woes only continued with more store closures this year and cratering stock value.
Bed Bath & Beyond may have been able to avoid their demise by simply telling the left to buzz off. Instead, the company will soon become merely a memory.
