Shares of Bed Bath & Beyond jumped over 40% Monday after GameStop chairman and Chewy.com co-founder Ryan Cohen revealed he acquired a massive stake in the home goods retailer.
BED BATH & BEYOND INC.
According to a letter filed with the Securities and Exchange Commission, Cohen's investment firm, RC Ventures, is now a top-five shareholder in Bed Bath & Beyond with approximately 9.8% of the company's outstanding shares.
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In the letter, Cohen warned that Bed Bath & Beyond is "struggling to reverse sustained market share losses, stem years-long share price declines and navigate supply chain volatility." He also expressed concern about the compensation of Bed Bath & Beyond's leadership, including chief executive officer Mark Tritton, "relative to performance and its strategy for reigniting meaningful growth."
Tritton, according to the letter, received $27 million in pay over the past two years.
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