(Finance) – Bed Bath & Beyond, a US household goods chain, may have finished the rally that led to it more than quadruple its value in about two weeks. The investment company RC Venturesthe second largest shareholder, said that intends to sell 9.45 million shares, including options. This is the company of Ryan Cohenco-founder of Chewy and president of GameStopwhich acquired a stake in March to prompt the company to explore strategic alternatives, including a potential full sale.
The announcement only comes to two days apart since RC Ventures bought call options maturing in January 2023 on 1.67 million shares, with an exercise price between $ 60 and $ 80. This news had attracted record purchases of the stock from retail investors (equivalent to $ 73.2 million of shares in one session).
“We are delighted to have reached a constructive agreement with RC Ventures in March and we are committed to maximizing value for all shareholders – announced Bed Bath & Beyond late yesterday evening – We continue to meet our priorities to increase liquidity, make strategic changes and improve operations to win back customers and increase cost efficiency “.
“In particular, we have been working rapidly over the past few weeks with external financial advisors and lenders to strengthen our balance sheet and the company will provide more information in an update later this month“, he added.