Bed Bath & Beyond Inc. Comments On Letter From RC Ventures
UNION, N.J., March 7, 2022 /PRNewswire/ — Bed Bath & Beyond Inc. (Nasdaq: BBBY) today issued the following statement regarding the letter from RC Ventures LLC to Bed Bath & Beyond’s Board of Directors, which was received yesterday evening:
“Bed Bath & Beyond’s Board and management team maintain a consistent dialogue with our shareholders and, while we have had no prior contact with RC Ventures, we will carefully review their letter and hope to engage constructively around the ideas they have put forth.”
“Our Board is committed to acting in the best interests of our shareholders and regularly reviews all paths to create shareholder value. 2021 marked the first year of execution of our bold, multi-year transformation plan, which we believe will create significant long-term shareholder value.”
About Bed Bath & BeyondBed Bath & Beyond Inc. And subsidiaries (the “Company”) is an omnichannel retailer that makes it easy for our customers to feel at home. The Company sells a wide assortment of merchandise in the Home, Baby, Beauty and Wellness markets. Additionally, the Company is a partner in a joint venture which operates retail stores in Mexico under the name Bed Bath & Beyond.
Investors: Susie A. Kim, ir@bedbath.Com
Media: Julie Strider, media@bedbath.Com
Jim Barron/Jared LevySard Verbinnen & Co.BBBY-SVC@sardverb.Com
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SOURCE Bed Bath & Beyond
Bed Bath & Beyond Shares Skyrocket After GameStop Chair Cohen Takes Stake
ReutersGameStop’s Cohen takes stake in Bed Bath & Beyond, pushes for changes
(Reuters) -Billionaire investor Ryan Cohen said on Sunday he now owns nearly 10% of Bed Bath & Beyond and wants the housewares retailer to explore strategic alternatives that include a full sale of the company. Cohen, who co-founded online pet products retailer Chewy and is chairman of the board of videogame retailer GameStop Corp, criticized Bed Bath & Beyond, which is worth roughly $1.6 billion, for an “overly ambitious” strategy, overpaying its top executives and failing 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, Inc and a full sale of the Company,” Cohen wrote in a letter to the company’s board.
Bed Bath Soars 47% On Report Chewy Co-Founder Has A Big Stake
By Dhirendra Tripathi
Investing.Com – Bed Bath&Beyond (NASDAQ:BBBY) stock surged 47% in premarket trade Monday on a report in The Wall Street Journal that Chewy (NYSE:CHWY) Co-Founder Ryan Cohen has built a large stake in the retailer and is pushing for changes.
According to the report, Cohen, who also serves as the Chairman of videogames retailer GameStop (NYSE:GME) has a 9.8% stake in Bed Bath, making him a top-five shareholder in the company. As of Friday, Bed Bath had a market cap of $1.55 billion. The stock is down over 42% in the last year against the near 13% rise in S&P500.
Cohen claims that Bed Bath’s strategy is failing to stem sustained market share losses, the WSJ report said. He wants the chain to simplify its structure and consider a sale or separation of BuyBuy Baby, its brand of stores selling a wide range of baby products including strollers, car seats, and diapers. He believes BuyBuy is worth several billion dollars. Cohen has even suggested selling the entire company, WSJ said.
Other than those options, he wants the company to narrow the focus of its turnaround plan and maintain the right inventory mix to meet demand.
The chain’s turnaround plan has so far centered around reducing the number of products in stores and launching new private labels.
Like most retailers, Bed Bath has been troubled by surging inflation and extended supply chains as factories in China and Vietnam have had temporary shutdowns owing to the pandemic. That has resulted in inadequate inventories at stores at a time when buyers are keen to shop after the pandemic.
Bed Bath Soars 47% on Report Chewy Co-Founder Has a Big Stake
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