Ryan Cohen, the CEO of GameStop, sold all of his stock in Bed Bath & Beyond (NASDAQ:BBBY), according to a filing with the SEC on Thursday. More than 9.4 million shares, or 11.8% of the company, of the retailer, were held by Cohen in the form of stock and options.
Following Cohen’s announcement, shares of Bed Bath & Beyond fell as much as 23% in after-hours trading
Only one day after the investor’s RC Ventures filed a Form 144 with the SEC announcing plans to sell the interest, the sale was officially confirmed. On Wednesday, following the news, shares of Bed Bath & Beyond dropped more than 19%.
The position was reduced during the trading sessions on Tuesday and Wednesday, according to the chairman of GameStop’s Thursday SEC report.
As of Monday, August 15, Cohen’s stake in Bed, Bath & Beyond was valued at more than $148 million, according to RV Ventures’ Form 144 filing. This week, between Monday and Wednesday’s market closing, shares of Bed Bath & Beyond increased by more than 50%.
In a filing at the time, Cohen’s RC Ventures stated that he wanted to consult with the board on strategic alternatives, including a potential spin-off of the company’s buybuy Baby brand. At the time, his RC Ventures first declared a 9.8% ownership in the business.
Bed Bath & Beyond replaced CEO Mark Tritton in the meantime and added three Cohen-backed nominees to its board. Notably, Cohen’s arrangement with the corporation did not impose any restrictions on selling his shares of the company, and he chose not to serve on the board of directors.
In a statement posted on Thursday morning, Bed Bath & Beyond said: “We were happy to have achieved a constructive agreement with RC Ventures in March and are committed to maximizing value for all shareholders.” Cohen had not yet disclosed that he had sold his shareholding.
According to Bed Bath & Beyond’s most recent quarterly report, same-store sales at its name-brand locations fell by 27%, while same-store sales at buybuy Baby fell by “mid-single digits.”
Featured Image: Megapixl © Andreistanescu
Author Jowi Kwasu 
