![]() ![]() Cohen's RC Ventures disclosed plans to sell its stake on Aug. Shares in Bed Bath & Beyond have been highly volatile in recent months, being viewed as a so-called "meme" stock, which trade more on social media sentiment than economic fundamentals.Ĭohen, a billionaire investor, disclosed a stake of nearly 10% in early March. The company said it was "in the early stages of evaluating the complaint, but based on current knowledge the company believes the claims are without merit." The lawsuit also alleged that he issued materially misleading statements to investors. District Court for the District of Columbia alleged that Arnal "agreed to regulate all insider sales by BBBY's officers and directors to ensure that the market would not be inundated with a large number of BBBY shares at a given time." The class action lawsuit listed Arnal as one of the defendants and was brought by a group of shareholders who claimed they lost around $1.2 billion. Receive a 5 reward for every 5,000 points you earn1. 23, the company, Arnal and major shareholder Ryan Cohen were sued over accusations of artificially inflating the firm's stock price in a "pump and dump" scheme, with the lawsuit alleging Arnal sold off his shares at a higher price after the scheme. Earn 60pts for every 1 spent at Bed Bath & Beyond, buybuy Baby, & Harmon Face Values1. The sales amounted to about $1.4 million, and Arnal still had almost 255,400 shares remaining. 16-17, Reuters' calculations showed based on SEC filings. Bed Bath & Beyond is a nationwide chain of home furnishing SUPER-STORES offering one of the largest selection of products for your home anywhere at everyday. REUTERS/Andrew Kelly/File PhotoĪrnal sold 55,013 shares in Bed Bath & Beyond in multiple transactions on Aug. ![]() The company landed a $375 million loan through Sixth Street Partners and expanded a $1.13 billion asset-backed revolving credit facility.Signage is seen at a Bed Bath & Beyond store in Manhattan, New York City, U.S., June 29, 2022. Bed Bath & Beyond announced it had secured more than $500 million of new financing. In a more positive bit of news for the retailer, financial assistance is on the way. Two corporate positions, chief operating officer and chief stores officer, have already been eliminated. Bed Bath & Beyond said it would be laying off about 20 percent of its corporate and supply chain workforce in an effort to cut costs. With fewer stores comes a significant reduction of staff. The company said it would continue to evaluate its portfolios and leases. is a nationwide chain of superstores selling predominantly better quality domestics merchandise and home furnishings. The New Jersey-based retailer has been struggling with slowing sales and a dive on the stock market, as well as a tumultuous leadership change.Ībout 150 of its lower-performing stores would be closed in the near future, the company announced, marking a footprint reduction of about 16 percent of its 955 stores. One of the most recognizable home brands is shrinking its footprint in a bid to keep the business afloat.īed Bath & Beyond is closing hundreds of stores and laying off a sizable percentage of its workforce, it announced on Wednesday. A photo illustration of Bed Bath & Beyond interim CEO Sue Gove (Getty Images, Bed Bath & Beyond) ![]()
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