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Ryan Cohen, the billionaire co-founder of online pet-products retailer Chewy Inc.
CHWY,
has a big stake in Bed Bath & Beyond Inc.
BBBY,
and is pushing the housewares retailer to streamline its strategy and explore strategic alternatives.
Cohen, who also serves as chairman of videogame retailer GameStop Corp.
GME,
owns a 9.8% stake in Bed Bath & Beyond through his investment firm, RC Ventures LLC, according to a copy of a letter sent to its board Sunday that was viewed by The Wall Street Journal. That makes him a top-five shareholder in the New Jersey-based chain, which has a market value of roughly $1.6 billion.
