The retailer said in a statement Tuesday that it’s discontinuing the sales of a “number of underperforming items and brands,” which includes MyPillow. (BBBY) said it’s part of its broader plan of selling more in-house brands when they debut this spring. Lindell, a major Republican donor, said in an interview with a right-wing broadcaster that the retailers are “scared” and blamed “leftist groups” for pressuring the retailers into dropping his product. He said that Wayfair, Kohl’s and HEB also stopped selling MyPillow products. The three companies didn’t respond to CNN Business’ requests for comment.ĭespite the violence at the Capitol two weeks ago, Lindell has held firm with his support of President Donald Trump. He called the attack “very peaceful” and blamed “undercover antifa that dressed as Trump people” for the chaos, according to The New York Times. “Donald Trump will be our president for the next four years,” he said earlier this month. Lindell was spotted at the White House last Friday with pages of notes that appear to outline a series of recommendations including installing a Trump loyalist as the acting CIA director. He also has presented other false conspiracy theories echoed by Trump since the election.įounded 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. The Better Business Bureau currently gives MyPillow an “F” for its confusing pricing and discount tactics. Your CNN account Log in to your CNN account The pillow itself has also earned low ratings from Consumer Reports because it’s too lumpy. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN.Ĭhicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Market holidays and trading hours provided by Copp Clark Limited. CNN Sans ™ & © 2016 Cable News Network.According to the plaintiff who accessed the company's financial reporting and public statements through mid-August 2022, Bed Bath & Beyond seemed to be a successful turnaround business. Bed Bath appeared to be "fundamentally reshaping" its goals and spinning off the Buybuy Baby brand in order to move quickly toward profitability and growth, the lawsuit said. This picture was almost entirely fiction, the lawsuit alleges.īenzinga has reached out to Bed Bath & Beyond for comment on the class action lawsuit. The Accusations Against Bed Bath & Beyond: Cohen conspired with Arnal, JPMorgan Chase and others from March through August of tbhis year to conduct a fraudulent scheme to artificially inflate the price of Bed Bath shares, the complaint states. More specifically, with JPM's support and complicity, Cohen, Gustavo and others misrepresented the worth and profitability of Bed Bath, enabling the company to declare fake sales, the lawsuit said.ĭespite the fact that the Buybuy Baby business was small with low revenues and that outside companies would only pay Bed Bath a small portion of the stated prices, the company continued to make public statements claiming that it was successfully spinning off Buybuy Baby in order to "unlock full value" of this "tremendous asset."Īccording to the lawsuit, Cohen, Arnal and JPMorgan had frequent conversations and interactions regarding artificially inducing a purchasing frenzy for Bed Bath common stock in order to acquire desperately needed financing, similar to what Cohen was accused of doing with GameStop common stock in 2021. Cohen convinced Gustavo that their plan would be a mutually beneficial one.” “Cohen approached Gustavo about his plan to accumulate shares of BBBY and to assume command of the company’s public float.
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