The Wall Street Journal: Bed Bath & Beyond’s CEO, board targeted by activist investors

A trio of activist investors thinks Bed Bath & Beyond Inc.’s business model has gotten sleepy and plans to give the big-box retailer a wake-up call.

Three activist funds — Legion Partners Asset Management LLC, Macellum Advisors GP LLC and Ancora Advisors LLC — together control a roughly 5% stake in Bed Bath & Beyond BBBY, +1.24% and are preparing to launch a proxy fight to replace its entire 12-person board, according to 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 people said.

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