Bed Bath & Beyond soared nearly 70% after GameStop Chairman Ryan Cohen disclosed he has nearly 10% equity holding in the retailer, according to a report by CNBC on Monday.
- Cohen, a co-founder of online pet retailer Chewy, told Bed Bath’s board that he believes the retailer is struggling to recover from market share losses and deal with supply chain constraints.
- Cohen called for Bed Bath to narrow its focus to fortify operations and maintain the optimal inventory mix to meet demand while exploring strategic alternatives that include separating Buybuy Baby and a full sale of the company.
- Bed Bath, acknowledging the letter, stated that 2021 marked the first year of execution of their multi-year transformation plan to create long-term shareholder value.
Bed Bath shares have plunged almost 45% in the last 12 months. BBBY: NASDAQ is up +65.64%, Pre-market trading