Shares of Bed Bath & Beyond Inc. soared in premarket trading after Ryan Cohen, the billionaire co-founder of pet-supplies retailer Chewy Inc . , disclosed a 9.8% stake through his investment firm in the housewares retailer.
Mr. Cohen, who also serves as chairman of GameStop Corp. , sent a letter to Bed Bath & Beyond’s board Sunday outlining steps it should take to turn the company around. Bed Bath & Beyond in January reported a big sales decline earlier for its third quarter. Its stock closed Friday at $16.18, down 69% from its 2021 closing high of $52.89.