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Reuters
Bed Bath & Beyond gives activist investor Cohen three board seats
Shares of New Jersey-based Bed Bath & Beyond rose 5%, after the company added two of the directors would join a committee focused on exploring options for buybuy Baby, selling which Cohen believes would improve the company’s focus. The shares have surged ~37% since Cohen disclosed his nearly 10% stake in the company, taken through his investment firm RC Ventures LLC, and urged it to explore alternatives including separating buybuy Baby chain or a sale of the entire company. The activist investor has criticized the retailer for an “overly ambitious” strategy, overpaying top executives and failing to reverse market share losses.
