Serial entrepreneur Marcus Lemonis helps lead Mattress Tub & Past’s comeback as the corporate’s govt chairman (Mattress Tub & Past House opened its first retailer in Nashville earlier this month). And now, he is in search of extra brick-and-mortar places. 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 positively won’t be opening: California.
Associated: Marcus Lemonis Turned Well-known for Fixing Companies — Then Confronted the One Downside He Could not Ignore
“We won’t open retail shops in California,” Lemonis wrote on Instagram. “This is not about politics — it is about actuality. California’s system makes it almost not possible for companies to succeed, and I will not put our firm, our staff, or our prospects in that place.”
In a press launch, Lemonis elaborated, calling California “one of the overregulated, costly, and dangerous environments for companies in America.”
Lemonis referred to as out what he mentioned is the state’s “greater taxes, greater charges, greater wages” and infinite laws that strangle development.”
California’s minimal wage is $16.50 an hour.
Earlier this 12 months, 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 charge, and the second-highest common business hire, per CNBC.
Nevertheless, Mattress Tub & Past followers in California will not be utterly shut out: Clients within the state shall be supplied 24- to 48-hour supply (same-day service might also be obtainable) on purchases made on-line.
In its prime, Mattress Tub & Past had greater than 300 places. 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 reveals 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 govt chairman of Past final 12 months (a combo firm of buybuy BABY, Overstock.com, and Mattress Tub & Past).
Final week, the chief govt 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.
Be part of prime CEOs, founders and operators on the Stage Up convention to unlock methods for scaling your enterprise, boosting income and constructing sustainable success.
