August 22, 2022: -Investor Ryan Cohen has left his role in retailer Bed Bath & Beyond, according to a securities filing unleashed on Thursday.
Cohen said in a filing that he intended to market his holdings of the meme stock. The filing shows that Cohen’s RC Ventures abandoned its stock on Tuesday and Wednesday at $18.68 per share and $29.22 for each share. The firm also sold its call options.
Shares of the stock decreased 44.6% in extended trading, which adds to a loss of almost 20% in the regular trading session of Thursday.
Cohen, who co-founded Chewy and is the chairman of GameStop, purchased over 7 million shares and called options of Bed Bath & Beyond. The company said that the board members of Cohen’s choosing pushed out its CEO after RC Ventures revealed its stake.
Cohen originally purchased his Bed Bath & Beyond shares at roughly $15.34 per share. According to CNBC, Cohen made nearly $59 million, before brokerage fees, on his trade of Bed Bath & Beyond common stock. He may have caused additional profits on the options.
On Wednesday, Bed Bath & Beyond added it had reached a “constructive agreement” with RC Ventures in March and was looking for potential changes to its fiscal structure.
Bed Bath & Beyond shares have soared, fueled partly by retail traders’ apparent revival of the meme trading craze. Shares were up over 200% in August as of Thursday’s close.
Bed Bath & Beyond has experienced abnormally high trading volume this month, and the stock is becoming the dominant topic of conversation on the WallStreetBets page.
The retail investor interest has arrived despite the company’s fundamental struggles. In June, Bed Bath & Beyond reported that its first-quarter net sales decreased 25% year by year, which resulted in a net loss of $358 million. The company said negative operating cash flow of regarding $400 million.
The great concern is that its liquidity could be drying up, and the company must raise the recent capital to stay afloat.
Bed Bath & Beyond reported $108 million in cash and equivalents in its financial first quarter, from $1.1 billion a year prior.
According to its latest quarterly file with the Securities and Exchange Commission, the company had drawn on its existing $1 billion asset-based revolving credit facility from JPMorgan Chase.
But as the assets used as collateral for that ABL facility lose value, Bed Bath & Beyond will face more pressure from its lenders to crop costs and find money elsewhere.
The old prestige pyramid—where Ivy League degrees and blue-chip consulting backgrounds paved the way to the CEO seat—is cracking.
Loud leaders once ruled the boardroom. Charisma was currency. Big talk drove big valuations.
But the CEOs who make history in downturns aren’t the ones with the deepest cuts
Companies invest millions in leadership development, yet many of their best executives leave within a few years. Why?
The most successful business leaders don’t just identify gaps in the market; they anticipate future needs before anyone else.
With technological advancements, shifting consumer expectations, and global interconnectedness, the role of business leaders
May 28, 2025: SpaceX’s latest Starship test flight, conducted on May 27, 2025, ended in failure when the spacecraft’s upper stage broke apart during its descent over the Indian Ocean.
May 27, 2025: Greek Coastguards Charged Over 2023 Pylos Migrant Shipwreck That Killed Hundreds
May 27, 2025: Volvo to Cut 3,000 Jobs in Europe as Part of $1.9B Restructuring Amid EV Slowdown and Tariff Pressures.
The old prestige pyramid—where Ivy League degrees and blue-chip consulting backgrounds paved the way to the CEO seat—is cracking.
Leave us a message
Subscribe
Fill the form our team will contact you
Advertise with us
Fill the form our team will contact you
