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Bed Bath & Beyond stock soars amid activist investor push



GameStop’s Cohen takes stake in Bed Bath & Beyond, pushes for changes

(Reuters) -Billionaire investor Ryan Cohen said on Sunday he now owns nearly 10% of Bed Bath & Beyond and wants the housewares retailer to explore strategic alternatives that include a full sale of the company. Cohen, who co-founded online pet products retailer Chewy and is chairman of the board of videogame retailer GameStop Corp, criticized Bed Bath & Beyond, which is worth roughly $1.6 billion, for an “overly ambitious” strategy, overpaying its top executives and failing to reverse market share losses. “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,” Cohen wrote in a letter to the company’s board.

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