Who owns Bed Bath & Beyond?
THE POPULAR big box store has been in business for over 50 years.
Despite its past success, Bed Bath & Beyond is now on its way to bankruptcy.
Who owns Bed Bath & Beyond?
According to Bed Bath & Beyond's annual report filed with the United States Securities and Exchange Commission, as of March 26, 2022, "there were approximately 1,600 shareholders of record of the common stock" of BBBY.
This excluded "individual participants in nominee security position listings."
According to Market Screener's data, as of June 30, 2023, the five shareholders with the most BBBY stock include Hudson Bay Capital Management LP, Charles Schwab Investment Management, Inc., Pacific Investment Management Co. LLC, Renaissance Technologies LLC, and BofA Securities, Inc.
Sue E. Gove has served as the company's CEO and president since 2022.
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When was Bed Bath & Beyond founded?
Bed Bath & Beyond was founded in 1971 in Springfield, New Jersey by Warren Eisenberg and Leonard Feinstein.
The duo called the store Bed 'n Bath, and they also opened a location in Cedarhurst, New York that same year.
They opened Bed 'n Bath after taking a trip to a "similar store" in Boston, Massachusetts that was run by a cousin of Eisenberg's wife, Mitzi, as per The Wall Street Journal.
The two men then began to expand their company, opening 20 stores at about 10,000 square feet by the mid-1980s.
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They also moved beyond the East Coast when they opened locations in California.
As the outlet also reported, Eisenberg and Feinstein officially named their business Bed Bath and Beyond in 1987.
The company continued to expand, opening more stores throughout the United States and in Mexico.
After years of success, the two men left their executive roles.
The Wall Street Journal reported that the pair were "forced off the board by activist investors" in 2019 and proceeded to sell all of their stock.
At that time, the company had 62,000 workers and a market value of $2.3 billion. As of June 2023, it is valued at less than $300million and is facing bankruptcy.
Is Bed Bath & Beyond being bought out?
As of June 2023, Bed Bath & Beyond stores are closing and the company is facing bankruptcy.
As reported by CNN Business, Overstock.com has bought the company's name, domain, and loyalty program assets for over $21million following a judge's approval.
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The purchase does not include Bed Bath & Beyond's physical stores, which are shutting down.
Multiple other businesses have purchased the company's store locations, such as Burlington, Michael's, Havertys, Barnes & Noble, and Aldi, as per Fox Business.