GameStop chair Ryan Cohen takes stake in Bed Bath & Beyond, pushes for change
© Reuters. FILE PHOTO: An exterior view shows a Bed Bath & Beyond store in Novi, Michigan, U.S., January 29, 2021. REUTERS/Emily Elconin(Reuters) -Ryan Cohen, co-founder of online pet products retailer Chewy (NYSE:) Inc, has a large stake in Bed Bath & Beyond Inc (NASDAQ:) and is pushing the housewares retailer to streamline strategy and explore strategic alternatives, the Wall Street Journal reported https://www.wsj.com/articles/gamestop-chairman-ryan-cohen-takes-large-stake-in-bed-bath-beyond-pushes-for-changes-11646611200?mod=latest_headlines on Sunday.
Cohen, who also serves as chairman of videogame retailer GameStop Corp (NYSE:), owns 9.8% of Bed Bath & Beyond through his investment firm, RC Ventures LLC, WSJ reported, citing a copy of a letter sent to the housewares retailer’s board.
Cohen in his letter urged the company to explore a separation of the Buybuy Baby chain or a sale of the entire company, the report added.
Cohen, in the reported letter, also said Bed Bath & Beyond’s strategy is failing to stem sustained market share losses and the entire company could be better off in the hands of a private-equity firm.
Bed Bath & Beyond and RC Ventures LLC could not immediately respond to Reuters’ requests for comment.
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