After filing for bankruptcy over two years ago and becoming an online-only storefront, Bed Bath and Beyond Home has now begun reopening physical storefronts across the country — with one notable exception.
A company executive announced Wednesday morning that retails stores will not be coming to California, citing the Golden State’s high costs and burdensome regulations.
On Monday, the company that has recently been operating a Beyond, Inc. announced that it would be officially changing its name to Bed Bath & Beyond, Inc. and again appear on the New York stock Exchange under the BBBY ticker symbol.
Also under the umbrella of Bed Bath & Beyond, Inc. is Overstock, buybuy BABY, and a blockchain asset portfolio.
In this same statement, the company made public its intentions to begin once again opening retail storefronts in “small to midsize locations.”
The first of these physical locations was opened in Nashville, Tennessee and is said to have “experienced significant traffic and revenue…with a de minimis capital investment.”
“Over the next 24 months, the companies plan to convert additional Kirkland’s locations into small to midsize format Bed Bath & Beyond and buybuy BABY stores, and will continue to accept the legendary Bed Bath & Beyond coupon, no matter how old, both online and in-store,” a statement from the company said.
[RELATED: Bed Bath and Beyond Online Storefront Relaunched by New Owner Following Bankruptcy Earlier This Year]
A statement released Wednesday by Executive Chairman Marcus Lemonis, however, explains that the company will not be opening any physical stores in the State of California.
“This decision isn’t about politics,” he said, “it’s about reality.”
“California has created one of the most overregulated, expensive, and risky environments for businesses in America,” wrote Lemonis. “It’s a system that makes it harder to employ people, harder to keep doors open, and harder to deliver value to customers.”
Instead, the company is “investing in a California strategy that works,” offering consumers quick delivery through the Bed Bath and Beyond website, a strategy that Lemonis says will avoid “the inflated costs created by an unsustainable model.”
“We’re taking a stand because it’s time for common sense,” wrote Lemonis. “Businesses deserve the chance to succeed. Employees deserve jobs that last. And customers deserve fair prices. California’s system delivers the opposite.”
In 2023, Bed Bath and Beyond filed for bankruptcy and was then acquired by Overstock, rebranding to Beyond, Inc. and launching an online-only platform under the Bed Bath and Beyond name.
Earlier this year, Beyond, Inc. took an ownership stake in Kirkland, Inc., a home decor chain that has about 300 locations nationwide.
Kirkland’s has since rebranded as The Brand House Collective and the new physical Bed Bath and Beyond Home locations will begin to be rolled out through the conversion of existing Kirkland’s locations.
The brand intends to convert a total of 75 locations through 2026 if things go well at their Nashville store. The company told ABC News that as many as four new locations could be opened this fall.
