Top News

California's Governor Gavin Newsom posted a snarky reply to Bed Bath & Beyond Chairman Marcus Lemonis' comment about plans not to open a store in the state due to higher costs and taxes there.

"The company that already went bankrupt and closed every store across the country two years ago? Ok," Newsom posted on X late Wednesday, referring to the original Bed Bath & Beyond filing for bankruptcy in 2023.

For context, the same year, Beyond Inc., earlier known as Overstock, bought the intellectual property of Bed Bath & Beyond and launched an online store for the brand. Now, Beyond is rebranding some U.S. stores of Kirkland's, a home decor chain it recently acquired controlling stake in, to Bed Bath & Beyond stores, with the first one opened in Nashville, Tennessee, earlier this month.

Meanwhile, Beyond has officially changed its corporate name to Bed Bath & Beyond Inc., with its stock symbol changing to 'BBBY' effective Aug. 29. The company’s shares are up over 80% this year.

Newsom's rather blunt comment comes in response to Lemonis' claims that the state's laws are unfavorable for businesses.

"It's a system that makes it harder to employ people, harder to keep doors open, and harder to deliver value to customers," Lemonis said on Wednesday, adding that the result was higher taxes, higher fees, higher wages that many businesses simply cannot sustain, and endless regulations that strangle growth.

He said that Bed Bath & Beyond customers in California can order online and get 24–48-hour delivery "without the inflated costs."

Meanwhile, the firm would still be concerned with Newsom's position, given that he is one of the likely presidential nominees for the 2028 elections. A recent poll by Politico and The Citrin Center showed that he is the top choice of 25% of California's Democratic voters, edging past 2024 Democratic nominee Kamala Harris.

For updates and corrections, email newsroom[at]stocktwits[dot]com.<