Bed Bath & Beyond Inc. (NASDAQ:BBBY) shares are trading higher after Ryan Cohen purchased a 9.8% stake in the company.
Ryan Cohen issued a letter to the company stating ‘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.’
In response to the letter from Cohen’s RC Ventures, the company stated, “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.”
Bed Bath & Beyond, together with its subsidiaries, operates a chain of retail stores. It operates through two segments, North American Retail and Institutional Sales.
Bed Bath & Beyond’s stock was trading about 90% higher at $30.70 per share on Monday at the time of publication. The stock has a 52-week high of $44.51 and a 52-week low of $12.39.
