Bed Bath & Beyond shares jump after GameStop chairman reveals big stake, pushes turnaround
Cohen, who also co-founded online pet retailer Chewy , wrote in a letter to Bed Bath's board that he believes the retailer is struggling to reverse market share losses and to navigate supply chain woes. He also criticized top executives, including Bed Bath Chief Executive Mark Tritton, for reaping excessive compensation during periods of underperformance.
Bed Bath & Beyond jumped 34% Monday after GameStop Chairman Ryan Cohen revealed he had a nearly 10% stake in the retailer, through his investment company RC Ventures.
In response to the letter, which Bed Bath said it received Sunday evening, the big-box retailer said that it has had no prior contact with RC Ventures.
"We believe Bed Bath needs to narrow its focus to fortify operations and maintain the right inventory mix to meet demand...