Canada markets closed
  • S&P/TSX

    18,060.26
    -163.28 (-0.90%)
     
  • S&P 500

    3,811.15
    -18.19 (-0.48%)
     
  • DOW

    30,932.37
    -469.64 (-1.50%)
     
  • CAD/USD

    0.7851
    -0.0088 (-1.11%)
     
  • CRUDE OIL

    61.66
    -1.87 (-2.94%)
     
  • BTC-CAD

    60,404.31
    -81.75 (-0.14%)
     
  • CMC Crypto 200

    912.88
    -20.25 (-2.17%)
     
  • GOLD FUTURES

    1,733.00
    -42.40 (-2.39%)
     
  • RUSSELL 2000

    2,201.05
    +0.88 (+0.04%)
     
  • 10-Yr Bond

    1.4600
    -0.0580 (-3.82%)
     
  • NASDAQ

    13,192.35
    +72.92 (+0.56%)
     
  • VOLATILITY

    27.95
    -0.94 (-3.25%)
     
  • FTSE

    6,483.43
    -168.53 (-2.53%)
     
  • NIKKEI 225

    28,966.01
    -1,202.26 (-3.99%)
     
  • CAD/EUR

    0.6499
    -0.0013 (-0.20%)
     

Bed Bath & Beyond says it's dropping MyPillow because it's 'underperforming' after CEO claims anti-Trump pressure

Erin Fuchs
·Deputy Managing Editor
·3 min read

MyPillow CEO Mike Lindell told Yahoo Finance on Tuesday that several retailers, including Bed Bath & Beyond (BBBY), told him they were dropping his products because of his ties to President Donald Trump. But Bed Bath & Beyond says it has a non-political reason for ditching MyPillow products — they just aren’t selling enough.

“As previously announced, we have been rationalizing our assortment to discontinue a number of underperforming items and brands. This includes the MyPillow product line,” a Bed Bath & Beyond spokesperson said in a statement emailed to Yahoo Finance. “Our decisions are data-driven, customer-inspired and are delivering substantial growth in our key destination categories.”

The outspoken CEO has been one of Trump’s most vocal business supporters following a violent attack on the Capitol on Jan. 6 seeking to overturn the election results. The riots, which some argue Trump incited, sparked a strong backlash against Trump and his related businesses from the corporate world.

US President Donald Trump listens as Michael J. Lindell, CEO of MyPillow Inc., speaks during the daily briefing on the novel coronavirus, COVID-19, in the Rose Garden of the White House in Washington, DC, on March 30, 2020. (Photo by MANDEL NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty Images)
US President Donald Trump listens as Michael J. Lindell, CEO of MyPillow Inc., speaks during the daily briefing on the novel coronavirus, COVID-19, in the Rose Garden of the White House in Washington, DC, on March 30, 2020. (Photo by MANDEL NGAN/AFP via Getty Images)

On Monday, Lindell suggested that the backlash was coming for him, too, telling Minneapolis-based news outlet KARE 11 that in addition to Bed Bath & Beyond, other big retailers like Kohl’s (KSS), and Wayfair (W) planned on not selling his product anymore. The CEO told Yahoo Finance on Tuesday that “left-wing groups that attack with bots and trolls” were pressuring retailers to stop dealing with him.

Yahoo Finance reached out to Kohl’s and Wayfair regarding Lindell’s claims and will update this post with any comments we receive back.

‘The most corrupt election in the history of the world’

Lindell said he will continue to stand by Trump regardless of any pressure it puts on his businesses.

“This was the most corrupt election in the history of the world,” he told Yahoo Finance, echoing claims that were disputed by Trump’s now-ex attorney general, William Barr.

The CEO’s comments on election fraud may make him the subject of a civil lawsuit. Dominion Voting Systems sent Lindell a letter warning of pending litigation tied to his claims that the presidential election was rigged, The New York Times reported on Monday.

Dominion already sued Trump lawyer Sidney Powell earlier this month, accusing her of making “wild accusations” that the company fixed the election to go Joe Biden’s way.

Trump is facing a growing backlash in the business community, with big names recently cutting ties with him, including his longtime bank Deutsche Bank (DB), Canadian e-commerce company Shopify (SHOP), cloud-based software company Salesforce (CRM), and payment processor Stripe.

Speaking to Yahoo Finance, Lindell said he believes these companies cut ties with Trump because they thought that maintaining the connection would hurt their businesses. “These businesses are scared because they think if they associate with Donald Trump that they’re going to be attacked just like MyPillow is right now,” he said. “They’re afraid. They’re very afraid for their own livelihood.”

Erin Fuchs is deputy managing editor at Yahoo Finance.

Read more:

At least seven notable companies are planning to cut ties with Trump’s businesses

Trump’s refusal to concede ‘hurts the economy’: LinkedIn co-founder Reid Hoffman

Kohl’s made ‘unimaginable decisions’ to get through COVID-19 pandemic: Kohl’s CEO

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn, YouTube, and reddit.

Find live stock market quotes and the latest business and finance news

For tutorials and information on investing and trading stocks, check out Cashay