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Boss of GameStop Acquires Big Share in Bed Bath & Beyond

Entertainment

Boss of GameStop Acquires Big Share in Bed Bath & Beyond

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Today, Ryan Cohen, the chairman of GameStop, revealed that he, via his personal investment firm RC Ventures, had acquired a significant stake in the furnishings seller Bed Bath & Beyond, amounting to around 10% of their shares. Following this news, the value of Bed Bath’s stocks surged by 40% during the early trading hours.

Alongside his purchase announcement, Cohen penned a letter to Bed Bath’s executive committee, criticizing them for drawing substantial salaries at a time when their company is facing challenges. He also put forth recommendations on how to enhance the retailer’s performance and address underlying issues like procurement difficulties arising from the ongoing supply chain disruptions.

“We are of the opinion that Bed Bath needs to streamline its activities to bolster operations and manage the right product assortment to meet consumer demand, while simultaneously exploring viable options that entail dividing Buybuy Baby and a complete sell-off of the company,” expressed Cohen.

Responding to Cohen’s correspondence, Bed Bath’s executive board indicated their willingness to consider his suggestions, though noting that this was their first interaction with him or RC Ventures.

“We will thoroughly assess their communication and look forward to engaging in constructive discussions regarding the proposals they have suggested,” Bed Bath stated. “2021 marked the initial year of implementation of our ambitious, multi-year transformational strategy, which we anticipate will generate substantial long-term value for our shareholders.”

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