Ryan Cohen, the well-known chairman of popular retail video game company GameStop recently made a decision that has everyone’s heads turning. He made the decision to sell his entire stake in Bed Bath & Beyond, and analysts are having a field day.
This decision was enacted in the form of a filing that was dated for August 17—so even though the plan is in motion, the official transaction hasn’t actually come to pass yet. However, the motion itself has made a major wave throughout the finance world nevertheless.
RC Ventures, a company owned by Cohen, currently holds a large 11.8% stake in Bed Bath & Beyond, but clearly, he felt like this percentage was way too high. He’s not even interested in holding on to a smidgen of the stake in the struggling retailer, which illustrates pretty strongly how little faith he has in the company.
Strangely enough, Bed Bath & Beyond stock had actually gone up an impressive 350% in August, so it’s not as though they’re completely losing their way. However, Cohen and his associates clearly weren’t to be swayed by this recent surge, and confidently feel as though ties need to be severed. In any case, financial analysts will have their eyes fixated on how Bed Bath & Beyond bounces back from this.