Bed Bath & Beyond just reopened a truly massive 92,000-square-foot NYC store with a coffee shop – see inside

the entrance of the store
The entrance of the renovated Bed Bath & Beyond in New York City.

  • Bed Bath & Beyond has reopened its renovated flagship store in New York City.
  • It’s cleaner, brighter, and more modern than the traditional Bed Bath & Beyond store.
  • The 92,000-square-foot space has a SodaStream bar, cafe, interactive spaces, and a mini Casper store.
  • See more stories on Insider’s business page.
Gone are the days of chaotic college dorm and new home shopping at Bed Bath & Beyond.

the entrance of the store
The entrance of the renovated Bed Bath & Beyond in New York City.

As long as you’re in New York City, that is.

a view of the store's exterior from the street
Outside the renovated Bed Bath & Beyond in New York City.

Bed Bath & Beyond has reopened its renovated flagship store in the Chelsea neighborhood near the iconic Flatiron Building, and the store is cleaner and brighter than ever before.

a sign that says "Hello Chelsea" by the entrance of teh store
Inside the renovated Bed Bath & Beyond in New York City.

“We’re proud to invest here and add to New York City’s ‘return to normal’ to serve residents and visitors alike,” Mark Tritton, president and CEO of Bed Bath & Beyond, said in a press release.

A self checkout station in the store with products next to it
A self checkout station in the renovated Bed Bath & Beyond in New York City.

Source: Bed Bath & Beyond

The two-floor store has been under renovation since December 2020, and its doors just reopened on July 22.

neatly arranged products in front of tall windows
Inside the renovated Bed Bath & Beyond in New York City.

This new reopening is just one of 450 Bed Bath & Beyond stores the company plans to renovate over the next three years, a $250 million undertaking.

SodaStream's products displayed on a curving shelf
SodaStream products.

Now let’s take a closer look at the refreshed space.

a display of Our Table products
Our Table products inside the Bed Bath & Beyond in New York City.

The new store follows the company’s goal of becoming a “digital-first, omni-always retailer.”

a sign that says "moving" we can help" above towels
Inside the renovated Bed Bath & Beyond in New York City.

Source: Bed Bath & Beyond

The 92,000-square-foot shop has the typical Bed Bath & Beyond offerings, like kitchen tools, decor, bathroom necessities, and bedding …

A bed with Wild Sage products.
A bed with Wild Sage products.

… all with a new, organized flair.

kitchen and cooking tools arranged neatly onshelves
Products on display inside the renovated Bed Bath & Beyond in New York City.

The Chelsea location features products from both household companies and Bed Bath & Beyond’s private-label brands, which include Wild Sage and Our Table.

Wild Sage products by a sign asking customers to follow the brand on TikTok and Instagram
Wild Sage products.

But there are noticeably fewer travel-related products, which haven’t been selling well at this particular location, Lauren Thomas reported for CNBC.

the hallway towards the back of the store with blue walls
Inside the renovated Bed Bath & Beyond in New York City.

Source: CNBC

The space that would’ve carried travel goods is instead being used for more organization and bedding and bathroom products, which are primarily downstairs.

a mock bathroom setup
The bath section of the store.

Besides more home goods options, the store’s shelves have also been lowered to avoid “shopping paralysis,” according to the company.

the bathroom section with "dry off" and "refresh and renew" products
Inside the renovated Bed Bath & Beyond in New York City.

The lowered shelves allow customers to see to the other end of the massive store, creating a less cluttered shopping experience.

a sign that says "food storage" with tupperware under it
Products on display inside the renovated Bed Bath & Beyond in New York City.

The aisles are also wider, while the product displays are noticeably neater.

One of the walkways in the store
Inside the renovated Bed Bath & Beyond in New York City.

Unlike most Bed Bath & Beyond stores, the interior is bright and clean with the help of large windows, contemporary lighting, and a cohesive design.

A display of Wild Sage products with tall windows
A display of Wild Sage products.

“We know it’s hard to shop at our stores,” Joe Hartsig, chief merchandising officer at Bed Bath & Beyond, said, according to the CNBC report.

Bed Bath & Beyond's product displays of home goods
Our Table products inside the Bed Bath & Beyond in New York City.

Source: CNBC

“We’ve really tried to make it easier to navigate the aisles,” Hartsig continued. “The wider aisles are very clean. The presentation is very tight.”

cafe seating and lights
The cafe.

Source: CNBC

The store is also compatible with the retailer’s app’s “in-store shopping mode,” creating a cross between an in-person and digital shopping experience.

A card noting shopping through the app by bath products on display.
A card noting shopping through the app.

There’s even a “scan and buy” option that allows customers to skip the checkout lines.

a sign that says "scan and buy"
Inside the renovated Bed Bath & Beyond in New York City.

The section near the entry of the store is currently being used to sell college dorm goods, but the products here will change depending on the time of year.

the college section
Inside the renovated Bed Bath & Beyond in New York City’s college section.

Source: CNBC

Feeling parched? Head to the store’s SodaStream Bubble Bar, which has SodaStream demos and inspiration for drinks.

the sodastream bar with a worker
The SodaStream bar.

But if you’d rather have some coffee, the updated Bed Bath and Beyond also has the Cafe 3B …

a full look at the cafe with seating, lights, and the bar
The cafe.

… a coffee shop that serves snacks and La Colombe coffee.

the menu of the cafe with some of the store's countertops
The cafe.

There’s also the “only interactive vacuum display in New York City,” according to Bed Bath & Beyond, as well as a well-lit health and beauty product section…

The beauty and health products on lit up shelves
The health and beauty section.

… which includes travel-friendly items.

the mini essentials bins with small products
Mini essentials bins.

But if you’re looking for bedding instead of cleaning and beauty products, head downstairs to the mini Casper store.

casper products arranged neatly on shelves
The downstairs Casper section.

This space serves as the bedding and mattress company’s “first shop-in-shop,” according to Bed Bath & Beyond.

the upstairs Casper section
Casper products inside the Bed Bath & Beyond in New York City.

And it’s not just Casper: The store also has Dyson and Google nest displays.

The dedicated Google Home space with products and a lit up Google logo
The dedicated Google Home space.

Read the original article on Business Insider

Bank of America resumes coverage of Bed Bath & Beyond, says stock is trading on fundamentals again as meme-stock madness fades

Bed Bath & Beyond
  • Bank of America analysts resumed coverage of Bed Bath & Beyond after meme mania cooled down.
  • “The momentum from meme investing has likely passed,” said the analysts who briefly paused coverage.
  • BofA rated the stock as a buy with a $38 price target.
  • See more stories on Insider’s business page.

Bank of America analysts say meme mania for Bed Bath & Beyond has cooled off, prompting them to resume covering the stock for investors.

In a Thursday note, Bank of America analysts led by Curtis Nagle said Bed Bath & Beyond shares are “once again trading on fundamentals,” and rated the stock to a buy rating. The analysts stopped coverage of the company on June 3 after the price surged 62% in a single day amid hype from retail traders.

The Union, New Jersey-based home goods retailer became a meme stock in January, along with companies like AMC Entertainment and BlackBerry, after retail traders poured into shares of GameStop to cause a short squeeze. Then in June, retail traders again hyped up shares of Bed Bath & Beyond as other meme stocks also came back into the spotlight.

“While not quite as extreme as GameStop, for example, Bed Bath & Beyond did see a large increase in mentions on retail investor forums in January and late May through early June,” the analysts said. But, “over the past two weeks, Bed Bath & Beyond has seen a sharp reduction in both those factors, which suggests that the momentum from meme investing has likely passed.”

Since the craze earlier this month, shares are trading closer to pre-surge levels, and the social-media hype, trading volumes, and short interest, have all moderated, the analysts said. With that, they added a $38 price target for the stock, which traded at $29.89 at at 11:26 p.m. in New York.

The analysts attributed their bullish view to Bed Bath & Beyond’s long-term turnaround, including the company’s largest-ever new product rollout by year-end, store resets that will improve the shopping experience, closures of 200 underperforming locations, and a pickup in back-to-college and wedding registry purchases as the economy re-opens.

Read more: Bank of America says to buy these 31 small- and mid-cap stocks with average implied upside of nearly 30% as they represent its best ideas for the second half of 2021

Read the original article on Business Insider

Market analysts warn against meme-stock ‘gambling,’ as AMC’s stock price remains decoupled from fundamentals

crime scene stock
Timothy Abero / EyeEm / Getty Images

  • Market analysts said it’s hard to predict when surges in AMC’s stock price will come to a halt.
  • “It is anyone’s guess how much larger this bubble can grow,” one analyst said.
  • AMC shares whipsawed Thursday after a record surge Wednesday that nearly doubled the stock price.
  • See more stories on Insider’s business page.

The rally in shares of AMC Entertainment, fueled by an army of retail traders, could be at an end – or not.

The world’s largest movie theater chain nearly doubled in value in a single day of trading Wednesday, adding to gains from the day and week prior, as retail investors – pooled together on sites like Reddit and Twitter – poured into the stock.

The price then whipsawed from red to green to red again Thursday after AMC announced a share sale, which initially caused the stock to plummet. The decline, one analyst said, was “to be expected.”

“The bigger it goes, the farther it’s going to fall,” said David Trainer, chief executive officer of investment research firm New Constructs.

Market analysts weighed in Thursday on the unprecedented gains in AMC that helped drive a rally in a group of meme stocks this week. The analysts said the surge in AMC’s stock price was detached from the reality of the company’s value, but when that rally will come to a halt is a gamble.

“The retail force behind this movement is still strong, so it is anyone’s guess how much larger this bubble can grow,” said Edward Moya, senior market analyst at OANDA.

Meme stock trading, he said, “is just gambling. You could easily see this come crashing in minutes time.”

Trying to apply logic to AMC’s share price is “futile,” said David Jones, chief market strategist at European trading and investing platform Capital.com.

“Who knows when the music stops?” he said. “Just don’t expect to be able to call the top in this one. We may have already seen it, but then again perhaps it doubles in price once more.”

The current trading enviornment can’t last forever, Moya said, predicting that meme stocks such as AMC would give up a lot of their gains by the end of the week.

Some retail-trader favorites have already begun to erase gains made earlier in the week. Bed Bath & Beyond, GameStop, and Beyond Meat all declined Thursday. But some meme stocks, like Tilray, BlackBerry, and Workhorse continued increasing in value.

AMC’s actual value, the analysts said, is far detached from where it’s trading.

“It’s hard to justify an equity valuation above $0,” Trainer said, citing the company’s debt load, weak earnings, and share dilution.

Moya said the stock price will likely settle below the $20 mark it surpassed last week. “The overall fundamentals are really going to hamper this stock,” he said.

But, the analysts said, the retail traders don’t care about the fundamentals of the company, which has flirted with bankruptcy in the past and struggled amid the COVID-19 pandemic as movie theaters shuttered and people opted to stay at home to watch new films.

“They call each other ‘apes.'” Trainer said. “They flaunt the fact that they don’t care about fundamentals.”

Read the original article on Business Insider

Meme stocks whipsaw as AMC share sale ends massive Reddit-fueled rally

Reddit
In this photo illustration a Reddit logo seen displayed on a smartphone.

  • Meme stocks largely retreated Thursday, with AMC, GameStop, and Bed Bath & Beyond all falling.
  • Some retail favorites, like Tilray, Clover Health, and Virgin Galactic continued to rally, though.
  • AMC dropped as much as 40% after announcing plans to sell nearly 12 million new shares.
  • See more stories on Insider’s business page.

A handful meme stocks held onto strong Thursday while others, including AMC Entertainment, GameStop, and Bed Bath & Beyond retreated.

BlackBerry led gains among meme stock Thursday before turning downward along with other well-known names. The stock, which fell as much as 8%, was the top conversation piece among retail-trader favorites on Wall Street Bets with AMC and GameStop behind it, according to data from Quiver Quantitative.

AMC, which nearly doubled in price yesterday, fell as much as 40% after the company announced a 12-million share sale. Trading halted three times for the stock amid the sharp decline.

Other meme stocks that have rallied this week fell with it. Bed Bath & Beyond dropped as much as 27% after its 63% one-day rally Wednesday. And the original meme stock, GameStop, retreated as much as 13%.

Beyond Meat, a new meme stock pushed by Mad Money’s Jim Cramer, also fell along with Koss Corp.

But not all of the retail-trader favorites declined.

Canadian cannabis companies Tilray and Sundial both rallied despite the meme-stock losses. Tilray, which recently completed its acquisition of Aphria, jumped as high as 16% Thursday, as Sundial rose 33%, putting both stocks on a two-day rally.

The two companies have benefited from positive sentiment from retail traders after Amazon announced it would back a federal bill to legalize marijuana. They were among the “most discussed” stocks on Wall Street Bets, Quiver Quantitative said.

Some other lesser-known meme stocks rallied alongside Tilray and Sundial, as well. Workhorse, the Ohio-based seller of electric vehicles and aircraft, jumped as much as 54%. Clover Health, the health insurer backed by Chamath Palihapitiya, jumped as much as 13% before paring gains, and space tourism company Virgin Galactic rose as much as 8%.

If you’re a Millennial or Gen Z investor willing to share your investing experience, reach out to the reporter of this article at ndailey@insider.com.

Read the original article on Business Insider

AMC short-sellers just lost $2.8 billion in a single day – and they’re now down $4.5 billion in 8 days amid a 500% surge for the stock

AMC Entertainment
  • AMC short-sellers lost $2.8 billion on Wednesday alone as shares skyrocketed as much as 127%
  • They’re now down $4.5 billion in just eight days, since AMC shares began a torrid surge that capped out at more than 500% on Wednesday afternoon.
  • AMC shares have benefited from renewed interest from Reddit day traders seeking to squeeze out short positions.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Short-sellers betting against AMC stock lost $2.8 billion on Wednesday alone as shares skyrocketed as much as 127%. They’re now down $4.5 billion in just eight days, since AMC shares began a torrid surge that capped out at more than 500% on Wednesday afternoon, according to data from analytics firm Ortex.

AMC slid 3% to $60.47 on Thursday as of 9 a.m. in New York.

Short-sellers felt the pain in other meme stocks as well as Reddit day traders banded together to execute squeezes of bearish positions. Shares in home retailer Bed Bath & Beyond rallied 62%, adding up to $681 million in losses, while retail chain GameStop’s stock rose 13%, delivering $414 million in losses, according to Ortex.

It’s activity reminiscent of the GameStop mania that dominated market activity in late January and early February, and the market’s most heavily shorted stocks – including AMC – are once again in focus. Mark-to-market losses from the 10 most-shorted US stocks totaled $4.5 billion just on Wednesday, Ortex data shows.

Yet despite the deep losses, short-sellers appear relatively unperturbed. The percentage of AMC’s free float held short had actually increased to 18% on Wednesday, up from 15.5% a week prior, according to Ortex. Further, data from Bloomberg showed that shorts only slightly pared their positions on Wednesday as AMC’s wild spike was transpiring.

“If you, as an investor, believe the share price will go back to where it was at the beginning of the year, shorting the stock [now] could bring huge profits,” Ortext cofounder Peter Hillerberg told Insider.

He continued: “However, so far, the short bets haven’t paid off, as the upward momentum in AMC has been going for a few days now and seems to only be increasing.”

Read more: Morgan Stanley identifies 28 underappreciated, high-quality stocks to own as the market’s most expensive names are due to continue underperforming

Screen Shot 2021 06 03 at 8.14.40 AM
Read the original article on Business Insider

Bed Bath & Beyond surges 54% after it introduces 3 new private label brands in continued turnaround strategy

bed bath & beyond
  • Shares of Bed Bath & Beyond surged as much as 54% on Wednesday after the retailer announced the launch of its own private label brands.
  • The retailer will soon launch three new owned brands targeting the kitchen, home, and storage space.
  • As part of its turn around, Bed Bath & Beyond has launched a number of private label brands in a bid to boost both profits and sales.
  • Sign up here our daily newsletter, 10 Things Before the Opening Bell.

Bed Bath & Beyond spiked as much as 54% in Wednesday’s trading session following the retailer’s “ahead of schedule” launch of three new private label brands targeting the kitchen, home, and storage space.

The private label launch by the retailer is part of its continued turnaround strategy since CEO Mark Tritton took over in late 2019. The brands Our Table, Wild Sage, and Squared Away will launch in the coming weeks and round out Bed Bath & Beyond’s private label offering to six total.

The retailer said it plans to have launched a total of eight private brands by February of next year, and at least ten new brands total. The move into private label brands is following the playbook of Tritton’s former employer, Target, which has seen great success with its Threshold, Hearth & Hand, and Room Essentials brands.

Bed Bath & Beyond launched Simply Essential, Haven, and Nestwell brands last quarter, offering products in the kitchen, bathroom, and bedroom space. Bed Bath & Beyond’s three new brands will offer more than 2,000 individual products for sale.

The move is a bid to continue Tritton’s turnaround strategy of the struggling retailer, with private label brands often seen as boosting profits for retailers, as well as sales if the brands take off with consumers. The retailer expects its private label brands to triple its sales penetration to 30% from 10% over the next three years.

Bed Bath & Beyond’s surge on Wednesday could have also been supercharged by an overall frenzy in so-called “meme” stocks, with AMC Entertainment leading the charge, up more than 100% on Wednesday. Bed Bath & Beyond is a heavily shorted stock that nearly tripled amid the GameStop frenzy that occurred in late January.

bbbby chart.JPG
Read the original article on Business Insider

Bed Bath & Beyond launches thousands of new products to entice splurging homebodies as its continues a massive pivot to private brands

bed bath & beyond
  • Bed Bath & Beyond is launching three new private brands in June.
  • Our Table, Wild Sage, and Squared Away will all focus on some aspect of home goods.
  • The new brands will offer items around kitchenware, décor, and organization.
  • See more stories on Insider’s business page.

Bed Bath & Beyond is introducing three new brands to capitalize on consumers’ obsession with home, as the retailer continues to push through its product overhaul to cut down “bloat” and boost value.

The company previously announced its intent to increase its owned-brands sales penetration to 30% from 10% in three years. Last quarter, Bed Bath & Beyond launched brands Simply Essential, Haven, and Nestwell. Four more as-of-yet-unannounced private brands will hit shelves in future quarters, as part of the company’s ongoing transformation plan.

To accomplish that goal, the company’s latest slew of new brands will focus on the home. Throughout the pandemic, shoppers have focused on home improvement, splurging on everything from decorations to major home hardware. Our Table will offer shoppers 1,100 products in the kitchenware category, from utensils to linens to cookware and bakeware. Wild Sage is an “expressive” décor brand targeted toward younger consumers – namely Gen Z-ers in dorms, or millennials moving into their own apartments – with 600 products for the bedroom, bath, and other living spaces. Squared Away is a line of 300 products around storage, organization, and cleaning. The company is slated to release all three brands this quarter, starting in June.

Insider spoke with Bed Bath & Beyond Chief Merchandising Officer Joe Hartsig about the company’s new wave of owned brands. He said the the brands are intended to help “solidify our authority in this huge $180 billion home market,” while driving value and attracting new customers.

“The reasons owned brands matter is that they help us differentiate by providing products that are only available at Bed Bath & Beyond,” he told Insider. “The breadth of owned brands for all these different spaces and rooms and price points – with different styles and materials – can help differentiate us because of the quality and the value proposition.”

Hartsig said that the company still considers national brands an important element of its business, but the focus on private brands allows it to cut out the “middleman” and pass on savings to shoppers.

“A lot of retailers lean into owned brands or private brands, and it does help drive additional margins while providing that great price to customers,” he said.

He added that by growing gross margins for its shareholders, Bed Bath & Beyond can “reinvest that money back into supply chain transformation, store remodels, new technology platforms that we’re developing, and so on.”

“This was all designed with purpose,” Hartsig added. “The quality of the products and the price points and the connection to modern day design and trends – it’s all really great and emblematic of the new Bed Bath & Beyond.”

Read the original article on Business Insider

AMC spikes 420% as day traders ignite shorted stocks like GameStop, BlackBerry, and Bed Bath & Beyond

AMC AP

  • AMC stock surged as much as 420% on Wednesday.
  • Day traders also sent GameStop shares soaring, along with BlackBerry and Bed Bath & Beyond.
  • Amateur investors are seeking quick profits from heavily shorted stocks.
  • Visit Business Insider’s homepage for more stories.

AMC shares skyrocketed as much as 420% on Wednesday as day traders piled into heavily shorted stocks for a third consecutive day. The stock rally added up to $7 billion to the cinema chain’s market capitalization.

Frenzied buying also drove GameStop shares up as much as 160%, BlackBerry up 31%, and Bed Bath & Beyond up 46%. The four companies gained a combined $29 billion in market capitalization at their peak stock prices.

Amateur investors have gathered, most notably on the Reddit forum r/wallstreetbets, to pinpoint stocks they can buy en masse with the hope of scoring fast profits. They frequently target stocks that are popular shorts, as driving their stock prices up can pressure short-sellers into buying shares back to cover their positions, which sends prices even higher.

Read more: The CEO of the world’s biggest asset manager warns that companies will ‘suffer’ if they don’t cut carbon emissions. Read excerpts from his letter to CEOs.

Day traders also see the strategy as a way to stick it to Wall Street. They have targeted hedge funds such as Melvin Capital, which had negative positions in 17 US-listed stocks at the last count. Four of those – GameStop, Bed Bath & Beyond, Dillard’s, and Ligand Pharmaceuticals – jumped at least 10% on Wednesday.

The GameStop frenzy is especially divisive. The billionaire investor Chamath Palihapitiya bought bullish options on the video game retailer’s stock Tuesday at the urging of his Twitter followers, while Tesla CEO Elon Musk tweeted the word “GameStonk!!” with a link to the Wall Street Bets subreddit.

Read more: MORGAN STANLEY: Buy these 9 sports-betting stocks ahead of the industry’s expected legalization in 12 states this year and its growth to $10 billion in 2025

In contrast, Michael Burry of “The Big Short” fame sent out a swiftly deleted tweet Tuesday condemning the frenzied buying of GameStop stock as “unnatural, insane, and dangerous.” The investor, who has most likely made a fortune on GameStop, also called for legal and regulatory action against those involved.

Read the original article on Business Insider

Kohl’s, Bed Bath & Beyond, and other companies’ decision to end partnerships with MyPillow spell ‘pain’ for the controversial pillow brand

my pillow mike lindell
MyPillow CEO Mike Lindell waits outside the White House on January 15.

  • Bed Bath & Beyond, Kohl’s, and other companies are ending partnerships with MyPillow. 
  • MyPillow CEO says companies cut ties because he is spreading baseless voter fraud theories.
  • Industry experts said this will hurt MyPillow and put pressure on its direct sales business.
  • Visit Business Insider’s homepage for more stories.

Companies’ decisions to cut ties with MyPillow are shaping up to be a significant blow to the controversial pillow company. 

Bed Bath & Beyond and Kohl’s confirmed this week that they are cutting ties with MyPillow. Fintech startup Affirm told Insider it had also cut ties.

According to MyPillow CEO Mike Lindell, numerous other stores including H-E-B, Kroger, and BJ’s have told him they will no longer sell MyPillow products. (These brands did not respond to Insider’s request for comment.) 

In statements, Bed Bath & Beyond and Kohl’s said that they would no longer sell MyPillow products because of poor sales. Affirm did not provide an explanation for ending the business relationship. 

“As previously announced, we have been rationalizing our assortment to discontinue a number of underperforming items and brands. This includes the My Pillow product line,” a Bed Bath & Beyond spokesperson said in an email. “Our decisions are data-driven, customer-inspired, and are delivering substantial growth in our key destination categories.”

Lindell, however, said that he was skeptical of companies’ decisions to cut ties soon after news broke he is facing a legal threat from voting-technology company Dominion, linked to his propagation of baseless voter fraud theories. 

Read more: The MyPillow guy says God helped him beat a crack addiction to build a multimillion-dollar empire. Now his religious devotion to Trump threatens to bring it all crashing down.

“It’s 100% cancel culture,” Lindell, a vocal supporter of former President Donald Trump, told Insider in an interview.

“They were afraid of being boycotted by customers because they live in fear of all these attack groups,” Lindell added. “And they’re not their customers. What’s going to happen to them now is that all the real customers are going to be very upset.”

Compachartnies cutting ties ‘will cause some pain’ 

my pillow
While Bed Bath & Beyond said it is ending its partnership with My Pillow, a store in Crofton, Maryland still had pillows in stock this week.

Chris Alleri, the founder of brand consultancy Mulberry & Astor, told Insider that he also believes companies are cutting ties because of Lindell’s insistence on spreading baseless theories that President Joe Biden “stole” the election. However, unlike Lindell, he believes these companies are making the right decision. 

“Lindell is being dropped right and left by legitimate retailers, not because he’s friends with Trump, not because he’s some victim, because he has a big mouth that has been spewing lies,” Alleri said in an email to Insider. “No brand wants to associate with a dumpster fire like that. Advancing a false narrative of a stolen election has consequences.” 

These consequences could have a sizable impact on My Pillows business. Neil Saunders, managing director of analytics firm GlobalData, said sales through retail partnerships have become a “much more significant element of MyPillow’s business.” 

“The loss of these selling channels will cause some pain and will put more pressure on the direct-to-consumer business,” Saunders said. “It’s also the case that distributing through retailers widened the audience for MyPillow beyond the consumers who digest infomercials, so the company will now need to find other ways of reaching these potential customers.”

MyPillow CEO says he is not worried about partnerships ending

mike lindell donald trump
Lindell is a vocal supporter of Trump.

Not all companies are cutting ties. 

Costco said this week it plans to continue to sell MyPillow products. A representative told told SFGate on Thursday that the company has “contractual commitments to MyPillow that we intend to honor, as we seek to do with all of our suppliers. 

Walmart continues to sell a range of MyPillow products, despite the fact that some pillows are being flooded with one-star reviews. 

“If you sleep with this pillow, you might wake up at a fascist like the CEO,” reads one such review. 

Walmart did not respond to Insider’s request for comment. 

Lindell told Insider that he expects companies that continue to stock MyPillow to see a rise in sales. Further, he said, he anticipates MyPillow’s direct sales to grow in the aftermath of backlash. 

“We’re going to get very busy,” Lindell said. “And those stores are going to lose out because they don’t have the products that people want. It’s sad for them that they bowed down to these left-wing groups that – all they do is attack.” 

Alleri is skeptical of Lindell’s confidence. 

“Maybe some of Trump’s deranged diehards might want to buy his products, that’s not enough to build a legitimate brand with staying power,” Alleri said. 

Read the original article on Business Insider

Bed Bath & Beyond and Kohl’s will drop My Pillow products from stores after its CEO spread election conspiracy theories

mike lindell donald trump
President Donald Trump shakes hands with Mike Lindell (L), founder of My Pillow, during an event at the White House July 19, 2017.

Bed Bath & Beyond has cut ties with My Pillow, the pillow manufacturing company founded by Trump supporter Mike Lindell, the retailer confirmed to Insider.

Lindell first reported the retailer axing his products, telling a Fox News affiliate and right-wing media outlet RSBN about stores dropping the brand. In the interviews, Lindell attributed the retailer’s decision to social media pressure led by “leftist groups.”

“They’re trying to cancel companies now,” he told RSBN. 

Bed Bath & Beyond said it’s getting rid of the pillow brand because it’s not selling well.

“As previously announced, we have been rationalizing our assortment to discontinue a number of underperforming items and brands. This includes the My Pillow product line,” a Bed Bath & Beyond spokesperson told Insider in an email. “Our decisions are data-driven, customer-inspired, and are delivering substantial growth in our key destination categories.”

Bed Bath & Beyond was one of the largest national retailers stocking My Pillow products.

Read more: The judge who presided over JCPenney’s and Neiman Marcus’ bankruptcies predicts more trouble for retail in 2021. Here’s who he thinks is most vulnerable.

On RSBN, Lindell claimed that other retailers were also dropping the brand, including H-E-B and Kohl’s. H-E-B did not respond to a request for comment.

Kohl’s said in a statement to CNBC in a statement that it will sell through its current inventory and not order additional product due to “decreased customer demand.”

My Pillow did not respond to a request for comment from Insider.

Lindell has been a vocal proponent of the baseless claim that voting machines switched votes to secure President-elect Joe Biden’s victory, a theory that he may have taken to the president in person on Friday

Voting technology company Dominion – whose machines are central to the conspiracy theory Lindell has been spreading – threatened “imminent” legal action on January 8, calling the claims “false and conspiratorial.”

Read more: A top Aerie marketing exec reveals how the brand leveraged a viral TikTok video to sellout leggings and drive record traffic to its e-commerce site

That legal threat came two days after protesters were encouraged by Trump to march on the Capitol, in events that spiralled into a deadly riot. Lindell has continued to support the president following these events, offering a MyPillow discount code “FightForTrump” for customers ordering directly.

bed bath & beyond

If you have worked at My Pillow or with Mike Lindell, and have a story to share, email ktaylor@businessinsider.com.

Read the original article on Business Insider