/Activists Wage Fight at Bed Bath & Beyond

Activists Wage Fight at Bed Bath & Beyond

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 and are preparing to launch a proxy fight to replace its entire 12-person board, according to people familiar with the matter.