Ryan Cohen Scores Big Win at Bed Bath & Beyond (BBBY) With Three New Directors and a Commitment to Unlock buybuy BABY's Value

Meme-stock master Ryan Cohen scored a huge victory in his fight with the latest target, Bed Bath & Beyond Inc. (Nasdaq: BBBY). Today the two sides agreed to add three Cohen designated directors to the board. Shares are up 10% in pre-open trading on the news.

Cohen, who co-founded Chewy (NYSE: CHWY) and is Chairman of GameStop (NYSE: GME), has recently built a 10% stake in the struggling home goods retailer. The billionaire said Bed Bath & Beyond's strategy is not good enough to prevent further share losses and has floated the idea of a spin-off of the buybuy BABY chain or a sale of the entire company. He sees buybuy BABY as worth several billion alone, versus a market cap of around $2 billion for the whole company.

Marjorie L. Bowen, Shelly C. Lombard, and Ben Rosenzweig were named to the board by Cohen and will join immediately as new Independent Directors. Ms. Bowen and Mr. Rosenzweig will also be joining a board committee focused on exploring alternatives to unlock value in buybuy BABY.

Board Chairman Harriet Edelman said the agreement was in the best interest of all shareholders and CEO Mark Tritton said they are committed to unlocking the full value of buybuy BABY.

By Lon Juricic

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