Bed Bath & Beyond Inc. Comments on Letter from RC Ventures

Rhea-AI Summary

Bed Bath & Beyond Inc. (Nasdaq: BBBY) received a letter from RC Ventures LLC, prompting the Board of Directors to assure shareholders of their commitment to value creation. Acknowledging the lack of prior contact with RC Ventures, the Board expressed intent to review the letter and engage constructively. The statement highlighted that 2021 marked the start of a multi-year transformation plan aimed at enhancing long-term shareholder value, showcasing the company's focus on strategic growth in the home, baby, beauty, and wellness markets.

Positive

• The Board is open to engaging with RC Ventures, indicating a willingness to consider shareholder input.
• The ongoing multi-year transformation plan aims to create significant long-term shareholder value.

Negative

• None.

UNION, N.J., March 7, 2022 /PRNewswire/ -- Bed Bath & Beyond Inc. (Nasdaq: BBBY) today issued the following statement regarding the letter from RC Ventures LLC to Bed Bath & Beyond's Board of Directors, which was received yesterday evening:

"Bed Bath & Beyond's Board and management team maintain a consistent dialogue with our shareholders and, while we have had no prior contact with RC Ventures, we will carefully review their letter and hope to engage constructively around the ideas they have put forth."

"Our Board is committed to acting in the best interests of our shareholders and regularly reviews all paths to create shareholder value. 2021 marked the first year of execution of our bold, multi-year transformation plan, which we believe will create significant long-term shareholder value."

About Bed Bath & Beyond
Bed Bath & Beyond Inc. and subsidiaries (the "Company") is an omnichannel retailer that makes it easy for our customers to feel at home. The Company sells a wide assortment of merchandise in the Home, Baby, Beauty and Wellness markets. Additionally, the Company is a partner in a joint venture which operates retail stores in Mexico under the name Bed Bath & Beyond.

Investors:
Susie A. Kim, ir@bedbath.com

Media:
Julie Strider, media@bedbath.com

Or

Jim Barron/Jared Levy
Sard Verbinnen & Co.
BBBY-SVC@sardverb.com 

 

View original content:https://www.prnewswire.com/news-releases/bed-bath--beyond-inc-comments-on-letter-from-rc-ventures-301496442.html

SOURCE Bed Bath & Beyond

FAQ

What did Bed Bath & Beyond say about RC Ventures' letter?

Bed Bath & Beyond's Board stated they will carefully review RC Ventures' letter and engage constructively.

When was the letter from RC Ventures received by Bed Bath & Beyond?

The letter from RC Ventures was received on March 6, 2022.

What transformation plan is Bed Bath & Beyond currently executing?

Bed Bath & Beyond is executing a multi-year transformation plan aimed at creating long-term shareholder value.

What markets does Bed Bath & Beyond operate in?

Bed Bath & Beyond operates in the home, baby, beauty, and wellness markets.