UNION (dpa-AFX) - Shareholders are pulling out their money from retailer Bed Bath & Beyond. The company's stock dropped 11% in early trading Monday on reports that some of its suppliers have stopped the shipping of goods due to the pending payments related to those goods.
Bed Bath & Beyond is losing money, its sales are tumbling and the company announced in June that CEO Mark Tritton, who joined from Target (TGT) in 2019 in order to improve the situation was being shown the door as the retailer's struggles continue. And just last week, investor Ryan Cohen, Chewy (CHWY) founder and GameStop (GME) chairman, sold almost his entire stake in the company not long after news of his purchase had lifted its share price in a buying frenzy.
Cohen's RC Ventures said in a Securities and Exchange Commission filing earlier that the firm intended to sell up to 7.78 million shares of Bed Bath & Beyond as well as more than 16,000 call options that gave RC Ventures the right to buy more shares. The sale represents the vast majority of Cohen's stake in the company.
The steady drumbeat of problems at Bed Bath & Beyond has driven away investors with its stock falling nearly 60 percent since Ryan's planned sale was confirmed last week.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
