Bed Bath To Review Letter From RC Ventures; Cohen To Beneficially Own Approx. 9.8% Of Shares

(RTTNews) - Omnichannel retailer Bed Bath & Beyond Inc. (BBBY), on Monday, said it will carefully review the letter from RC Ventures LLC. In the letter, RC Ventures said it believes Bed Bath should explore strategic alternatives that include separating buybuy Baby, Inc. and a full sale of the company. Bed Bath noted that its Board is committed to acting in the best interests of shareholders.

RC Ventures; and Ryan Cohen, as the Manager of RC Ventures, have filed a joint Schedule 13D relating to the common stock, par value $0.01 per share, of Bed Bath & Beyond Inc. RC Ventures directly beneficially owned 9,450,100 shares, including 1,670,100 Shares underlying certain call options, constituting approximately 9.8% of the shares outstanding. Cohen, as the Manager of RC Ventures, may be deemed to beneficially own the 9,450,100 shares directly beneficially owned by RC Ventures, constituting approximately 9.8% of the shares outstanding. Cohen is the Chairman of the board of GameStop Corp.

"Given that I am the Chairman of GameStop and overseeing a systematic transformation, I am not in a position to join Bed Bath's Board and personally drive the initiatives outlined in this letter. This does not mean, however, that RC Ventures will not seek to hold the Board and management accountable if necessary," Ryan Cohen stated.

"Bed Bath & Beyond's Board and management team maintain a consistent dialogue with our shareholders and, while we have had no prior contact with RC Ventures, we will carefully review their letter and hope to engage constructively around the ideas they have put forth," Bed Bath & Beyond said.

Shares of Bed Bath & Beyond were up 68% in pre-market trade on Monday.