Bed Bath & Beyond Shares Surge , After Chewy Co-Founder Reveals Big Stake.
On March 7, Bed Bath & Beyond shares
more than doubled in premarket trading.
On March 7, Bed Bath & Beyond shares
more than doubled in premarket trading.
The jump came after GameStop chairman and Chewy co-founder
Ryan Cohen shared that he had close to a 10% stake in the
company via his investment firm, RC Ventures.
The jump came after GameStop chairman and Chewy co-founder
Ryan Cohen shared that he had close to a 10% stake in the
company via his investment firm, RC Ventures.
Cohen revealed that he also wrote a letter to
the retailer's board, criticizing its executives and
their lack of ability to reverse market share losses.
We believe Bed Bath needs to narrow its focus to fortify operations and maintain the right inventory mix to meet demand, while simultaneously exploring strategic alternatives that include separating Buybuy Baby, and a full sale of the company, Ryan Cohen, via letter to Bed Bath & Beyond's board,
as reported by CNBC.
CNBC reports Bed Bath & Beyond
issued a response to the letter.
We will carefully review their letter and hope to engage constructively around the ideas they have put forth. 2021 marked the first year of execution of our bold, multi-year transformation plan, which we believe will create significant long-term shareholder value, Bed Bath & Beyond, via statement.
CNBC reports Cohen's stake in the company makes him a top five shareholder.
While he says he isn't in a position to
join Bed Bath & Beyond's board
due to his duties at GameStop.
he intends to do all he can to hold the retailer's board and management accountable