Is Jack Cohen about to party like it’s January 2021? Catalyst for GameStop Short Squeeze buys 9% stake in Bed, Bath & Beyond


Jack Cohen, founder of pet-suppler retailer Chewy Inc., master of the art of the cryptic tweet, the man credited with being the catalyst for the GameStop short squeeze event that rocked the financial world, has disclosed that he owns a 9.8% stake in Bed Bath & Beyond.

For those who might not remember, the last time Cohen announced a similar stake in a company was in the runup to the infamous meme stock revolution of 2021.

In August of 2020, it was reported that Cohen’s RC Ventures had taken a 9% stake in GameStop when shares of the company were trading lower. This led to the stock trading higher following the news.

Cohen eventually increased his holdings of GameStop to 13% of shares which led to January 2021 when he was announced as GameStop’s new chairman.

And then shares spiked…bigly!

The January 11, 2021 announcement of Cohen’s rise to Chairman of GameStop was the stock world’s Pearl Harbor, a “day that will live in infamy” that led to the massive short squeeze event.

Only this time it wasn’t Japanese Zeros dropping bombs, it was the r/Wallstreet Bets from Reddit launching an attack on the evil hedge funds and institutional Wall Street guys.

The event triggered a massive rise in GameStop share prices from $19 to a high of $483! And the rest, as they say, is history!

Fast forward to today, and Jack Cohen has bought another 9% in a company. It was reported over the weekend that Cohen’s RC Ventures had bought a 9.8% stake in home goods retailer Bed, Bath & Beyond.

(Cue the Dragnet Theme)

As Han Solo said in Star Wars, “I got a bad feeling about this.”

Shares of Bed, Bath & Beyond soared in premarket trading by 40%, and as of this writing are still way up.

Cohen’s venture capital company sent a letter to the Bed Bath & Beyond board outlining steps they would like the company to take after expressing disappointment in the company’s business plan.

According to the Wall Street Journal, “His letter said Bed, Bath & Beyond should narrow its focus and maintain the correct inventory mix to meet demand. He wrote that the company should explore other ideas including a separation of the Buybuy Baby retail chain or a sale of the entire company.”

Bed Bath & Beyond replied that they will take Cohen’s advisement under consideration…which is a businessy way of saying “we will get back to you.”

But given Cohen’s history, he might be running the company by the time they get back to him.

Is this going to be the next great saga in the meme stock era, or just a routine letter meant to whip the Bed, Bath & Beyond board into shape?

Only time will tell.

But oh, the intrigue! Bed, Bath & Beyond never has been more interesting than they are now.

Will a motion picture deal be following suit? Stay tuned…