Investor — GameStop chair — calls for changes at Bed Bath & Beyond

An influential investor, who has a nearly 10% stake in Bed Bath & Beyond, is pushing for changes at the home goods retailer.

Ryan Cohen, the chairman of GameStop and the co-founder of online pet products retailer Chewy, revealed he has a 9.8% stake in the retailer through his investment company RC Ventures LLC. Cohen has sent a letter to the Bed, Bath & Beyond board in which he said the retailer has failed to stem sustained market share losses, adding that core sales dropped 14% year-over-year in its most recent quarter. He also said the company should explore alternatives, including a sale.

"We believe Bed Bath needs to narrow its focus to fortify operations and maintain the right inventory mix to meet demand, while simultaneously exploring strategic alternatives that include separating buybuy Baby, Inc and a full sale of the company," Cohen wrote.

Bed Bath & Beyond issued a short statement confirming receipt of the letter.

"Bed Bath & Beyond's Board and management team maintain a consistent dialogue with our shareholders and, while we have had no prior contact with RC Ventures, we will carefully review their letter and hope to engage constructively around the ideas they have put forth," the retailer stated.

It added that 2021 marked the first year of execution “of our bold, multi-year transformation plan, which we believe will create significant long-term shareholder value."

Under the leadership of Mark Tritton, who took the reins as CEO in late 2019, Bed Bath & Beyond is in the middle of a multi-year transformation that includes closing underperforming locations, refreshing and updating stores and a big emphasis on private label brands.

[Read More: Bed Bath & Beyond to launch six private brands in first half of 2021]

The company has also made significant investments in digital operations and sold its non-core assets, including Christmas Tree Shops and Cost Plus World Market.