With Inauguration Day underway for President-elect Joe Biden, Wall Street is reacting well thus far on Wednesday morning. That said, recent comments from MyPillow CEO Mike Lindell have a few companies in the spotlight due to their reported MyPillow boycott.
This news comes after Lindell said in an interview on Monday that Bed Bath and Beyond (NASDAQ:BBBY) and Kohl’s (NYSE:KSS) “are removing his company’s products from their stores.” This is due to many people calling for the MyPillow boycott after Lindell’s support of President Donald Trump during his term in office. Moreover, Lindell also told FOX9 in Minneapolis that Wayfair (NYSE:W) and Texas supermarket chain HEB will also stop carrying the product.
Now, let’s take a closer look at each company and their response:
Kohl’s
- “There has been decreased customer demand for MyPillow … We will sell our current inventory and not buy additional/future inventory in the brand,” a Kohl’s spokeswoman said in an emailed statement to CNBC.
- According to their most recent report, Kohl’s has more than 1,100 stores in 49 states.
- KSS stock was up more than 1% Wednesday morning, and gained more than 275% since its novel coronavirus pandemic low.
Bed Bath and Beyond
- Like Kohl’s, a company spokesman for Bed Bath and Beyond told CNBC they will begin to launch their own line on products beginning this spring, and were, therefore, pushing out MyPillow’s products.
- “As previously announced, we have been rationalizing our assortment to discontinue a number of underperforming items and brands … This includes the MyPillow product line.”
- Bed Bath and Beyond is currently closing many of its retail locations as part of the firm’s plan to optimize its real estate portfolio. This includes being on track to close 200 stores by the end of 2021.
- BBBY stock is down slightly on Wednesday morning, but is up more than 550% from its pandemic lows.
Wayfair
- The e-commerce company has not publicly addressed the report from FOX9 regarding the MyPillow boycott.
- According to its most recent earnings report, Wayfair said it increased its third-quarter revenue by $1.5 billion to $3.8 billion — a 66.5% boost year-over-year.
- W stock is down more than 1% Wednesday morning, but has jumped nearly 1,000% from its coronavirus low.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick is a web editor at InvestorPlace.
