(CNBC) Bed Bath & Beyond stock rose more than 97% on Monday premarket after GameStop chairman Ryan Cohen revealed he owns almost 10% of the retailer.
The investment, held through Cohen’s RC Ventures, boosted the stock, which has fallen almost 45% in the last twelve months.
Cohen has been a critic of Bed Bath’s CEO Mark Tritton, who he says has been reaping big compensation at a time the company has been underperforming.
Cohen says Bed Bath has been struggling to reverse the previous losses in the stock and navigate the challenges in the supply chain ecosystem.
The GameStop chair says he believes Bed Bath should focus on fortifying its operations while maintaining the right mix of investments to satisfy demand. He also recommends the company explore strategic alternatives, including full sale to escape the woes.
Bed Bath’s CEO Tritton has, since taking over, embarked on cutting down underperforming company locations and disposing of non-core assets.
BBBY: NASDAQ is up +97.02%.
