GameStop chairman Ryan Cohen plans to sell his 10% stake in retailer Bed Bath & Beyond, the activist investor said this week in an SEC filing.
According to the Tuesday, August 16 filing, Cohen’s RC Ventures hopes to sell 9.4 million shares of Bed Bath & Beyond, valued at $148.5 million.
Cohen, who also founded e-commerce pet supplies company Chewy, first disclosed his stake in BBB in March. At the time, his efforts to get the company to consider a sale sent shares of Bed Bath & Beyond skyrocketing.
He urged the company to reduce the scope of its turnaround plan, make efforts to ensure its inventory mix matches demand and consider selling its subsidiary Buybuy Baby, if not the whole of it. ‘company.
See also: Bed Bath & Beyond is bleeding money, looking for Buybuy Baby Buyer
Cohen had argued that Buybuy Baby could be worth billions of dollars and that the company as a whole would be better off in the custody of a private equity firm.
A few weeks later, Cohen and BBB appeared to have reached a detente, with the retailer adding three new members to the board as part of a cooperative agreement with Cohen and RC Ventures.
Read more: Bed Bath & Beyond Soars as Activist Investor Ryan Cohen Moves from GameStop to Household Goods
In June, the company announced it was replacing CEO Mark Tritton after another disappointing earnings report, replacing him – meanwhile – with board member Sue Gove. That report showed a 27% drop in comparable sales, which the company attributed to a “rapid” change in consumer spending habits and lower demand in the home sector.
Two days later, news broke that Bed Bath & Beyond was looking for a buyer for Buybuy Baby as it was hemorrhaging money: the company reportedly spent $300 million in reserve funds and borrowed $200 million on his line of credit. Last summer, BBB had $1 billion in cash reserves.
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