Bed Bath & Beyond Says Investors Seeking Board Overhaul Offered No Suggestions

   By Maria Armental

Bed Bath & Beyond Inc. countered three investors' public push to overhaul its board and replace its chief executive, saying the group of investors offered no suggestions or ideas to improve operations.

The retailer said Tuesday it met with representatives from Legion Partners Asset Management LLC and Macellum Advisors GP LLC over the past few weeks and sought input on several occasions "but they did not provide any."

The retailer also said it invited them to participate in its push to bring new members to its 12-member board.

"Instead they chose to publicly attack the company and provide their intent to nominate directors to take over the full board," the company said in a statement. "Unfortunately, while our directors and management were seeking to engage in good faith, it appears that the Legion and Macellum representatives were merely seeking information to support their attack."

The company added that Ancora Advisors LLC, the third investor involved in the overhaul push, hadn't previously reached out to or engaged the company.

The three investors control a combined stake of about 5%, according to a securities filing.

The Wall Street Journal reported Monday the three activist investors were seeking the changes on the grounds that Bed Bath & Beyond failed to adapt to changing consumer habits and allowed costs to increase over the past several years.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

March 26, 2019 14:27 ET (18:27 GMT)

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