Ryan Cohen, an activist investor, said he intends to sell his entire stake in the retailer through his firm.
RC Venture plans to sell 9.45 million shares of the company, which is the total amount it holds in Bed Bath. An official notice of a security sale can be found in a form.
Representatives for Bed Bath didn't reply to CNBC's request for comment.
The purchase price of 7.78 million shares directly owned by RC Venture is $119.4 million. The aggregate purchase price of the firm's call options exercisable into 1.67 million shares owned directly by RC Venture is close to $2 million.
Cohen's firm held a stake in Bed Bath. According to FactSet, his holdings stood at 11.82% at the end of March.
Cohen wrote a letter to Mark Tritton, Bed Bath's CEO, saying he believed the home goods chain was struggling to reverse market share declines. He urged the retailer to sell its baby store.
Bed Bath said it struck a deal with the activist's firm to add three people to its board.
Bed Bath replaced Tritton as CEO in June with Sue Gove. The company had another quarter of slow sales and losses.
Bed Bath has been the main beneficiary of the meme stock craze. The stock was up over 50% so far this year, easily outdistancing the market.
The home goods retailer's shares are up more than 3000% in August.
The stock traded over 400 million shares on Tuesday and over 200 million shares on Wednesday.
Bed Bath has been mentioned the most on the Wall Street Bets page over the last week.
This is happening. You can check back for the latest news.
All Rights Reserved © 2024
