A major new move by the largest retailer to date, Bed Bath & Beyond has hired a number of directors in an effort to combat activist investor Ryan Cohen.
The “bed bath and beyond” is a company that specializes in home goods. The company just made an announcement, saying they have added new directors to their board of directors.
Bed Bath & Beyond Inc. BBBY 0.41% said it would add three new directors and explore options for its buybuy Baby business as part of an agreement with activist investor Ryan Cohen.
The agreement announced Friday comes after Mr. Cohen sent a letter to the company criticizing the retailer’s turnaround strategy and calling for a separation of the buybuy Baby chain or a sale of the entire company. Mr. Cohen’s firm, RC Ventures LLC, owns a roughly 9.8% stake in Bed Bath & Beyond.
As part of the agreement, three RC Ventures’ director designees— Marjorie Bowen, Shelly Lombard, and Ben Rosenzweig —would immediately join Bed Bath & Beyond’s board of directors, the company said. They would also stand for election at the company’s annual meeting, after which the board would revert to its current size of 11 members in total, Bed Bath & Beyond said.
Bed Bath & Beyond has hundreds of physical stores around the country and owns the Harmon retail chain in addition to buybuy Baby. While its shares initially received a boost from the pandemic, they have fallen 23% over the past year.
Shares of Bed Bath & Beyond rose 6.7% to $23.57 in morning trading.
Ryan Cohen’s firm owns a roughly 9.8% stake in Bed Bath & Beyond.
The Wall Street Journal’s Mark Abramson took this photo.
Ms. Bowen and Mr. Rosenzweig, two of the new independent directors, would join a four-member strategy group to look at ways to unlock additional value from the company’s buybuy Baby division, which offers baby gear, furnishings, apparel, and other items.
As of Nov. 27, Bed Bath & Beyond operated 133 buybuy Baby stores.
According to the firm, the division has gained sales for four consecutive quarters, with comparable sales increasing in the midteens in the fiscal third quarter, driven by double-digit growth in stores and high-single digit growth in digital.
RC Ventures has also promised to support the whole slate of directors on the board of directors at the annual meeting, according to the business. Mr. Cohen stated in a statement, “I appreciate that management and the Board were quick to adopt our proposals, and I look forward to helping them in the next year.”
Mr. Cohen, the billionaire co-founder of online pet-products retailer Chewy Inc., has a devoted following after amassing a large GameStop position and criticizing the business for moving too slowly into e-commerce in November 2020. He joined GameStop’s board of directors in January 2021, which helped to the stock’s subsequent Reddit-fueled surge, and became chairman in June 2021.
Will Feuer can be reached at [email protected]
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The “bed bath and beyond gift card balance” is a new director in the company. The company has announced that it will be adding two new directors to its board of directors.
Frequently Asked Questions
What are bed baths?
A: A bed bath is a type of bathing performed in the morning before getting out of bed. It consists of pouring warm water over your body and having some extra foam or bubbles on top to make it more luxurious
What should I buy at Bed Bath?
A: We recommend the brand The Cocoon Company. Its durable, stylish, and provides maximum comfort for babies.
Are Bed Bath and Beyond beds good?
A: In general, I would say yes. They are made with a lot of quality materials and they usually have good reviews. However, some people might not feel that way about them because the company is really huge and has stores all over the country making it hard to get your money back if youre unhappy with their product.
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