Serial entrepreneur Marcus Lemonis helps lead Mattress Tub & Past’s comeback as the corporate’s government chairman (Mattress Tub & Past Dwelling opened its first retailer in Nashville earlier this month). And now, he is on the lookout for extra brick-and-mortar areas. On Tuesday, Lemonis requested his 1.3 million followers on Instagram: “What metropolis/city ought to the following @BedBathBeyond open?”
However by Wednesday, he made it clear that there is one state the place the house retailer undoubtedly is not going to be opening: California.
Associated: Marcus Lemonis Grew to become Well-known for Fixing Companies — Then Confronted the One Downside He Could not Ignore
“We is not going to open retail shops in California,” Lemonis wrote on Instagram. “This is not about politics — it is about actuality. California’s system makes it almost unimaginable for companies to succeed, and I will not put our firm, our workers, or our clients in that place.”
In a press launch, Lemonis elaborated, calling California “one of the crucial overregulated, costly, and dangerous environments for companies in America.”
Lemonis known as out what he mentioned is the state’s “greater taxes, greater charges, greater wages” and limitless laws that strangle progress.”
California’s minimal wage is $16.50 an hour.
Earlier this yr, California was ranked the No. 1 most costly state to begin a enterprise (New York was an in depth second), with essentially the most laws within the nation, the third-highest company revenue tax price, and the second-highest common business hire, per CNBC.
Nonetheless, Mattress Tub & Past followers in California will not be fully shut out: Prospects within the state shall be provided 24- to 48-hour supply (same-day service may be obtainable) on purchases made on-line.
In its prime, Mattress Tub & Past had greater than 300 areas. The corporate entered Chapter 11 proceedings in April 2023.
Associated: You Have not Seen the Final of Mattress Tub & Past, Truly — This is Why
“We’re taking a stand as a result of it is time for widespread sense,” Lemonis mentioned.
Lemonis is understood for the tv exhibits The Revenue, which ran on CNBC for eight seasons, and The Fixer, now on Fox. However he is additionally the cofounder and CEO of the $6 billion-plus enterprise, Tenting World Holdings, and have become government chairman of Past final yr (a combo firm of buybuy BABY, Overstock.com, and Mattress Tub & Past).
Final week, the chief government of Playboy, Ben Kohn, mentioned the corporate was leaving California and heading to Florida, Miami Seaside, particularly. Kohn mentioned that California was “anti-business” and an “extraordinarily costly place” for a corporation to function.
Associated: This is Why In-N-Out Heiress Lynsi Snyder Is Transferring Her Household from California to Tennessee: ‘It Will Be Great’
Be a part of high CEOs, founders and operators on the Stage Up convention to unlock methods for scaling your enterprise, boosting income and constructing sustainable success.
