Bed Bath & Beyond Inc (BBBY.O) on Tuesday reported a much wider-than-expected quarterly loss and sales that plunged by a third, failing to halt the months-long cash burn that led to warnings of possible bankruptcy., media reports show,
Remember-Bed Bath and Beyond dumped a major product of theirs to punish My Pillow CEO, Mike Lindell in 2021 after the events at the US Capitol and over Lindell’s constant support for President Donald J. Trump.
People who want to purchase MyPillow products can go directly to Lindell’s site and use a Promo code: FRONTLINE for great discounts as featured by awesome founder of Frontline America, Ben Bergquam:
Man my new @realMikeLindell edition #MyPillow feels amazing! Think how much better that guy would feel with one of these & no mask! We should start buying them for our liberal friends; maybe they wouldn't be so cranky all the time😉https://t.co/kr0NLAxQ41 promo code: #FRONTLINE pic.twitter.com/ymeH7ZDDcx
— Ben Bergquam – Real America’s Voice (RAV-TV) News (@BenBergquam) January 9, 2023
While My Pillow products have soared in popularity, Bed Bath and Beyond has hit the skids.
According to Rueters, the home goods seller has been struggling with a dwindling cash pile as vendors have demanded payments more swiftly even as a pandemic-led surge in demand for home decor has slumped as the economy has slowed. Bed Bath & Beyond said last week it was exploring options, including bankruptcy, after years of weakening sales. It took on $375 million in financing in August but failed this month to convince bondholders to swap out their investments for new debt. Last year, the company said it would close 150 stores and lay off 20% of its corporate and supply chain workforce among other cost-saving measures.
The company did not indicate on Tuesday whether it would file for bankruptcy protection but said it will lay off more employees to reduce costs. It said it had started cost cuts of about $80 million to $100 million across the business.
Founded in 2004, MyPillow has grown beyond selling pillows and now has a variety of household goods and even face masks. The privately held company has sold more than 40 million products, with a “huge number of them directly to consumers” through its website and hotline, reported Bloomberg. MyPillow is a steady advertiser on right-leaning TV networks, including Fox News and Newsmax.