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Activist Funds Reportedly Seek To Replace Bed Bath & Beyond Board

(RTTNews) - Three activist funds a?? Legion Partners Asset Management LLC, Macellum Advisors GP LLC and Ancora Advisors LLC a?? together control a roughly 5% stake in Bed Bath & Beyond Inc. (BBBY) and are preparing to launch a proxy fight to replace its entire 12-person board, the Wall Street Journal reported citing people familiar with the matter.

The group contends Bed Bath & Beyond has failed to adapt as consumers increasingly shop online or expect unique experiences in bricks-and-mortar stores. The retailer has allowed its costs to increase, the report said, resulting in shrinking margins over the past several years.

The investor group wants the retailer, known for its large stores packed with bedding, towels, kitchen trinkets and other home goods, to better curate its merchandise and consider selling noncore brands such as Buy Buy Baby and Cost Plus World Market to focus on its core business, the report said. It also wants it to replace Chief Executive Steven Temares, who has led the company since 2003, the report said, and better align compensation with performance.
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