Activist investors want to shake up Bed Bath & Beyond, which has fallen behind rival retailers in recent years.
Three activist funds said on Tuesday that they have built a roughly 5% stake in Bed Bath & Beyond and will attempt to replace the company's entire 12-member board of directors and its chief executive. The activist group has nominated a full suite of 16 new board members and plans to recruit a new CEO. The Wall Street Journal first reported the group's plans.
The home furnishings' chain has struggled to compete with traditional retailers such as Walmart and Target , as well as online retailers Amazon and Wayfair . Walmart, Target and Amazon have launched cheaper private label home brands, while Wayfair has spent heavily on advertisements to get customers familiar with its brand. On Tuesday, Wayfair said it will open its first brick-and-mortar store this fall.
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