Bed Bath & Beyond shares soar as Ryan Cohen takes huge stake
ABC News
The investment firm of billionaire Ryan Cohen has taken a large stake in Bed Bath & Beyond and is recommending that the struggling retailer sell all or part of its business
The investment firm of billionaire Ryan Cohen has taken a large stake in Bed Bath & Beyond and is recommending that the struggling retailer sell all or part of its business.
RC Ventures LLC has acquired a nearly 10% stake in Bed Bath & Beyond, according to a regulatory filing. RC stands for Ryan Cohen, a co-founder at Chewy, who was at heart of the GameStop meme saga last year.
Cohen built a huge following on Reddit and on social media in 2021 as smaller investors gobbled up GameStop and other meme stocks. Bed Bath & Beyond was among those companies and news of Cohen's interest sent its shares up more 34% Monday, closing at $21.71 after hitting a peak for the day of $30.06.
In a letter sent to Bed Bath & Beyond Inc., Cohen said that declining sales can no longer be blamed on the COVID-19 pandemic, noting that other national chains are seeing sales near or exceed pre-pandemic levels. Bed Bath & Beyond has lost money for three consecutive years.
