Bed Bath & Beyond announced Friday that it has struck a deal with activist investor Ryan Cohen, sending shares of the company up more than 8% in premarket trading.
The home goods retailer said in a news release that three people from Cohen’s firm, RC Ventures, will immediately join Bed Bath’s board of directors. The company said two of those people will join a strategy committee that will look into alternatives for its Buybuy Baby chain and make recommendations to the full board.
Earlier this month, Cohen, who is also the chairman of Gamestop, revealed a nearly 10% in the company and his intentions to push the retailer to make sweeping changes.
Bed Bath has been in the middle of a turnaround effort led by former Target executive Mark Tritton, who took the helm in 2019.
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