(Reuters) -Ryan Cohen, co-founder of online pet products retailer Chewy Inc, has a large stake in Bed Bath & Beyond Inc and is pushing the housewares retailer to streamline strategy and explore strategic alternatives, the Wall Street Journal reported https://www.wsj.com/articles/gamestop-chairman-ryan-cohen-takes-large-stake-in-bed-bath-beyond-pushes-for-changes-11646611200?mod=latest_headlines on Sunday.
Cohen, who also serves as chairman of videogame retailer GameStop Corp, owns 9.8% of Bed Bath & Beyond through his investment firm, RC Ventures LLC, WSJ reported, citing a copy of a letter sent to the housewares retailer’s board.
Cohen in his letter urged the company to explore a separation of the Buybuy Baby chain or a sale of the entire company, the report added.
Cohen, in the reported letter, also said Bed Bath & Beyond’s strategy is failing to stem sustained market share losses and the entire company could be better off in the hands of a private-equity firm.
Bed Bath & Beyond and RC Ventures LLC could not immediately respond to Reuters’ requests for comment.
(Reporting by Akanksha Khushi in Bengaluru; Editing by Christopher Cushing and Lincoln Feast.)