(CBrief) – Bed, Bath & Beyond just got smacked with a dose of karma after it removed MyPillow from its stores.
The retail giant is prepared to file for bankruptcy, possibly this week, and has liquidators in place to close more stores unless someone or some company purchases the company at the last minute, Reuters reported.
The timing of any bankruptcy filing was in flux Monday evening, with the U.S. home goods retailer’s advisers locked in meetings exploring any remaining options to avoid it, another person familiar with the matter said. Bed Bath & Beyond is negotiating a loan to help it navigate bankruptcy proceedings, with investment firm Sixth Street in talks to provide some funding, two of the people said. The firm loaned Bed Bath & Beyond $375 million last year. The chain, once considered a category killer in home goods like dinnerware and small appliances, has lined up liquidators who are readying store closing sales that could be launched as soon as this weekend, two of the people said.
The chain had previously announced it was closing 87 of its stores along with five buybuy BABY stores on top of the 150 closures it announced last year. Its health and beauty discount store Harmon is also closing.
The chain said in January 2021 that it would stop selling MyPillow because it was not performing to expectations and not because of its CEO, Mike Lindell’s, politics.
“As previously announced, we have been rationalizing our assortment to discontinue a number of underperforming items and brands. This includes the MyPillow product line,” a spokesperson for the company said to Yahoo Finance. “Our decisions are data-driven, customer-inspired, and are delivering substantial growth in our key destination categories.”
In January 2021, Bed, Bath & Beyond dropped MyPillow products from their stores.
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
When that happened, conservatives responded.
Now, Bed, Bath & Beyond is closing stores – nearly 150 at last count.
I used to like Bed Bath & Beyond but, I haven't set foot inside one of their stores since they stabbed Mypillow in the back. I never will either, unless they bring back Mypillow. #BoycottBedBathAndBeyond pic.twitter.com/gkcsw7tAMZ
— Yorak Hunt (@YorakHu51501644) January 18, 2023