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Investor Group Comments on Bed Bath & Beyond Q4 Earnings

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Legion Partners Holdings, LLC (Legion Partners Holdings together with its affiliates, Legion Partners), Macellum Advisors GP, LLC (together with its affiliates, Macellum), and Ancora Advisors, LLC (together with its affiliates, Ancora and, together with Legion Partners and Macellum, the Investor Group) today released the following statement on Bed Bath & Beyond Inc.s (NASDAQ: BBBY) (Bed Bath or the Company) fourth quarter 2018 earnings call:

Bed Baths fourth quarter earnings provided another example of why the Company needs new leadership. Under CEO Steven Temares direction, the Company has fallen far behind retail peers and the operating deterioration is accelerating. Despite a rapidly growing e-commerce business, Bed Bath experienced another quarter of declining same-store sales.

We were deeply concerned to hear management suggest, during the fourth quarter call, that they were going to reduce coupon availability to improve profitability. Our proprietary consumer survey work indicates this is a risky path to pursue given the wide range of margin enhancing opportunities available for both reducing product sourcing costs and lowering SG&A in non-customer facing areas. In our view, it does not make sense to make any couponing adjustments prior to executing on initiatives that would fundamentally improve the in-store experience for customers and drive retail traffic.

The disappointing first quarter guidance consisting of accelerating declines in same-store sales and operating profit deterioration compared to managements unsupported claims of progress serves as a stark reminder to us of how far removed from reality Mr. Temares and the Board have become. In our view, only the complete replacement of the Board and CEO will be sufficient to drive the necessary changes to produce lasting margin improvements and growth in earnings. This focus must include a strategic review that evaluates non-core assets and prioritizes reducing inventory levels.

We plan to release our detailed operational plan over the next two weeks and when shareholders have an opportunity to compare our initiatives, which will be fully quantified and sequenced to the recurring failed improvement efforts overseen by the current Board and CEO Steven Temares, it will be clear that the optimal path forward is removing the entire Board and hiring a new CEO. Shareholders deserve better “ which is why Legion Partners Holdings has nominated sixteen highly-qualified, independent candidates to the Board at the 2019 Annual Meeting of Shareholders. We are committed to taking on the hard work necessary to make improvements at Bed Bath for the benefit of all stakeholders.

About Legion Partners

Legion Partners is a long-term-oriented activist fund focused on producing superior risk-adjusted returns for clients. Legion Partners investment strategy is concentrated on North American small cap equities, utilizing deep fundamental research and long-term shareholder engagement to drive superior performance over time.

About Macellum

Macellum has substantial experience investing in consumer and retail companies and assisting such companies in improving their long-term financial and stock price performance. Macellums historical investments include: Collective Brands, GIII Apparel Group, Hot Topic, Charming Shoppes and Warnaco, among other companies. Macellum prefers to constructively engage with management to improve its governance and performance for the benefit of all stockholders, as it did with Perry Ellis. However, when management is entrenched, Macellum has run successful proxy contests to effectuate meaningful change, including at The Childrens Place, Christopher & Banks and most recently at Citi Trends.

About Ancora Advisors

Ancora Holdings, Inc. is an employee owned, Cleveland, Ohio based holding company which wholly owns three separate and distinct SEC Registered Investment Advisers, Ancora Advisors, Inc., Ancora Family Wealth Advisors, LLC and Ancora Retirement Plan Advisors, Inc. and Inverness Securities LLC, a broker dealer. Ancora Advisors, LLC specializes in customized portfolio management for individual investors, high net worth investors, investment companies (mutual funds), pooled investments (hedge funds/investment limited partnerships), and institutions such as pension/profit sharing plans, corporations, charitable & Not-for Profit organizations, and unions. Ancora Family Wealth Advisors, LLC is a leading, regional investment and wealth advisor managing assets on behalf families and high net-worth individuals. Ancora Retirement Plan Advisors, Inc. specializes in providing non-discretionary investment guidance for small and midsize employer sponsored retirement plans.

CERTAIN INFORMATION CONCERNING PARTICIPANTS

Legion Partners Holdings, LLC, a Delaware limited liability company (Legion Partners Holdings), Macellum Advisors GP, LLC, a Delaware limited liability company (Macellum GP), and Ancora Advisors, LLC, a Delaware limited liability company (Ancora Advisors) together with the participants named herein, intend to file a preliminary proxy statement and accompanying WHITE proxy card with the Securities and Exchange Commission (SEC) to be used to solicit votes for the election of their slate of sixteen highly qualified director nominees at the 2019 annual meeting of shareholders of Bed Bath & Beyond Inc., a New York corporation (the Company).

LEGION PARTNERS HOLDINGS, MACELLUM GP, AND ANCORA ADVISORS STRONGLY ADVISE ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SECS WEB SITE AT https://www.sec.gov. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION

WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST.

The participants in the proxy solicitation are Legion Partners Holdings, Legion Partners, L.P. I, a Delaware limited partnership (Legion Partners I), Legion Partners, L.P. II, a Delaware limited partnership (Legion Partners II), Legion Partners Special Opportunities, L.P. XII, a Delaware limited partnership (Legion Partners Special XII), Legion Partners, LLC, a Delaware limited liability company (Legion LLC), Legion Partners Asset Management, LLC, a Delaware limited liability company (Legion Partners Asset Management), Christopher S. Kiper, Raymond T. White, Macellum GP, Macellum Home Fund, LP, a Delaware limited partnership (Macellum Home), Macellum Management, LP, a Delaware limited partnership (Macellum Management), Jonathan Duskin, Ancora Catalyst Institutional, LP, a Delaware limited partnership (Ancora Catalyst Institutional), Ancora Catalyst, LP, a Delaware limited partnership (Ancora Catalyst), Merlin Partners Institutional, LP, a Delaware limited partnership (Merlin Institutional), Ancora Merlin, LP, a Delaware limited partnership (Ancora Merlin), Ancora Special Opportunity Fund, a Delaware limited partnership (Ancora Special Opportunity), Ancora/Thelen Small-Mid Cap Fund, a Delaware limited partnership (Ancora/Thelen), Ancora Advisors, LLC, a Nevada limited liability company (Ancora Advisors), Frederick DiSanto, Victor Herrero Amigo, Theresa R. Backes, Joseph Boehm, David A. Duplantis, John E. Fleming, Sue Ellen Gove, Janet E. Grove, Jeffrey A. Kirwan, Jeremy I. Liebowitz, Jon Lukomnik, Cynthia S. Murray, Martine M. Reardon, Hugh R. Rovit, Joshua E. Schechter and Alexander W. Smith.

As of the date of this press release, Legion Partners I directly beneficially owns 3,452,124 shares of Common Stock, including 898,000 shares underlying long call options, Legion Partners II directly beneficially owns 199,952 shares of Common Stock, including 52,000 shares underlying long call options, Legion Partners Special XII directly beneficially owns 982,000 shares of Common Stock, including 200,000 shares underlying long call options, and Legion Partners Holdings directly beneficially owns 200 shares of common stock of the Company (Common Stock) in record name and as the sole member of Legion Partners Asset Management and sole member of Legion LLC, Legion Partners Holdings may also be deemed to beneficially own the 3,452,124 shares of Common Stock beneficially owned directly by Legion Partners I, including 898,000 shares underlying long call options, 199,952 shares of Common Stock beneficially owned directly by Legion Partners II, including 52,000 shares underlying long call options, and 982,000 shares of Common Stock beneficially owned directly by Legion Partners Special XII, including 200,000 shares underlying long call options. As the general partner of each of Legion Partners I, Legion Partners II and Legion Partners Special XII, Legion LLC may be deemed to beneficially own the 3,452,124 shares of Common Stock beneficially owned directly by Legion Partners I, including 898,000 shares underlying long call options, 199,952 shares of Common Stock beneficially owned directly by Legion Partners II, including 52,000 shares underlying long call options, and 982,000 shares of Common Stock beneficially owned directly by Legion Partners Special XII, including 200,000 shares underlying long call options. As the investment advisor of each of Legion Partners I, Legion Partners II and Legion Partners Special XII, Legion Partners Asset Management may be deemed to beneficially own the 3,452,124 shares of Common Stock beneficially owned directly by Legion Partners I, including 898,000 shares underlying long call options, 199,952 shares of Common Stock beneficially owned directly by Legion Partners II, including 52,000 shares underlying long call options, and 982,000 shares of Common Stock beneficially owned directly by Legion Partners Special XII, including 200,000 shares underlying long call options. As a managing director of Legion Partners Asset Management and managing member of Legion Partners Holdings, Mr. Kiper may be deemed to beneficially own the 3,452,124 shares of Common Stock beneficially owned directly by Legion Partners I, including 898,000 shares underlying long call options, 199,952 shares of Common Stock beneficially owned directly by Legion Partners II, including 52,000 shares underlying long call options, 982,000 shares of Common Stock beneficially owned directly by Legion Partners Special XII, including 200,000 shares underlying long call options and 200 shares of Common Stock beneficially owned directly by Legion Partners Holdings. As a managing director of Legion Partners Asset Management and managing member of Legion Partners Holdings, Mr. White may be deemed to beneficially own the 3,452,124 shares of Common Stock beneficially owned directly by Legion Partners I, including 898,000 shares underlying long call options, 199,952 shares of Common Stock beneficially owned directly by Legion Partners II, including 52,000 shares underlying long call options, 982,000 shares of Common Stock beneficially owned directly by Legion Partners Special XII, including 200,000 shares underlying long call options and 200 shares of Common Stock beneficially owned directly by Legion Partners Holdings. Macellum Home directly beneficially owns 446,415 shares of Common Stock, including 89,500 shares underlying long call options. As the investment manager of Macellum Home, Macellum Management may be deemed to beneficially own the 446,415 shares of Common Stock beneficially owned directly by Macellum Home, including 89,500 shares underlying long call options. As the general partner of Macellum Home, Macellum GP may be deemed to beneficially own the 446,415 shares of Common Stock beneficially owned directly by Macellum Home, including 89,500 shares underlying long call options. As the sole member of Macellum GP, Mr. Duskin may be deemed to beneficially own the 446,415 shares of Common Stock beneficially owned directly by Macellum Home, including 89,500 shares underlying long call options. Ancora Catalyst Institutional directly beneficially owns 244,195 shares of Common Stock, including 83,700 shares underlying long call options, Ancora Catalyst directly beneficially owns 18,380 shares of Common Stock, including 6,300 shares underlying long call options, Merlin Institutional directly beneficially owns 235,455 shares of Common Stock, including 81,000 shares underlying long call options, Ancora Merlin directly beneficially owns 27,121 shares of Common Stock, including 9,000 shares underlying long call options, Ancora Special Opportunity directly beneficially owns 20,000 shares of Common Stock and Ancora/Thelen directly beneficially owns 96,780 shares of Common Stock. As the investment advisor to each of Ancora Catalyst Institutional, Ancora Catalyst, Merlin Institutional, Ancora Merlin, Ancora Special Opportunity, Ancora/Thelen and certain separately managed accounts, including accounts held by owners and employees of Ancora Advisors of which Ancora Advisors has sole voting and dispositive power over (collectively, the SMAs), Ancora Advisors may be deemed to beneficially own the 244,195 shares of Common Stock beneficially owned directly by Ancora Catalyst Institutional, including 83,700 shares underlying long call options, 18,380 shares of Common Stock beneficially owned directly by Ancora Catalyst, including 6,300 shares underlying long call options, 235,455 shares of Common Stock beneficially owned directly by Merlin Institutional, including 81,000 shares underlying long call options, 27,121 shares of Common Stock beneficially owned directly by Ancora Merlin, including 9,000 shares underlying long call options, 20,000 shares of Common Stock beneficially owned directly by Ancora Special Opportunity, 96,780 shares of Common Stock beneficially owned directly by Ancora/Thelen and 1,184,127 shares of Common Stock held in the SMAs. As the Chairman and Chief Executive Officer of Ancora Advisors, Mr. DiSanto may be deemed to beneficially own the 244,195 shares of Common Stock beneficially owned directly by Ancora Catalyst Institutional, including 83,700 shares underlying long call options, 18,380 shares of Common Stock beneficially owned directly by Ancora Catalyst, including 6,300 shares underlying long call options, 235,455 shares of Common Stock beneficially owned directly by Merlin Institutional, including 81,000 shares underlying long call options, 27,121 shares of Common Stock beneficially owned directly by Ancora Merlin, including 9,000 shares underlying long call options, 20,000 shares of Common Stock beneficially owned directly by Ancora Special Opportunity, 96,780 shares of Common Stock beneficially owned directly by Ancora/Thelen and 1,184,127 shares of Common Stock held in the SMAs. As of the date hereof, John E. Fleming directly beneficially owns 5,000 shares of Common Stock. As of the date hereof, none of Frederick DiSanto, Victor Herrero Amigo, Theresa R. Backes, Joseph Boehm, David A. Duplantis, Sue Ellen Gove, Janet E. Grove, Jeffrey A. Kirwan, Jeremy I. Liebowitz, Jon Lukomnik, Cynthia S. Murray, Martine M. Reardon, Hugh R. Rovit, Joshua E. Schechter or Alexander W. Smith own beneficially or of record any securities of the Company.

Media:
Sloane & Company
Dan Zacchei / Joe Germani
212.486.9500
[email protected]
/ [email protected]

Investors:
John
Ferguson / Joe Mills
Saratoga Proxy Consulting LLC
(212)
257-1311
[email protected]

News

Huntkey Presents at the All-Digital CES 2021

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SHENZHEN, CHINA – Media OutReach – 14 January 2021 – Huntkey, a leading provider of power solutions, announces that today it presents at the All-digital CES 2021, the most influential tech event in the world.

 

Due to the covid-19 pandemic, the world’s largest electronics sourcing fair CES 2021 will be held all digitally from Jan. 11-14, 2021. During this period, all the exhibitors can access to the digital platform developed by CES to showcase their new products and technologies as well as schedule meetings with the attendees.

 

Huntkey is a frequenter of CES. To take this once-a-year opportunity, Huntkey will introduce its PD Chargers, Surge Protectors, Power Strips, LED Desk Lamps as well as other product categories to the attendees.

 

PD Chargers

 

PD charger is a main product category of Huntkey, and many mainstream cell phone brands are using Huntkey chargers. Huntkey has developed a wide variety of cell phone chargers output power of which is designed from 20 to 90W. To meet different charging needs, several models are equipped with USB-A and USB-C charging ports, for example, the 65W USB-C charger comes with one USB-C port to deliver a fast charging speed, and two USB-A ports for the charging for traditional phones.

 

Huntkey has also released 65W GaN charger to the markets. The charger features two charging ports – one USB-C port and one USB-A port. The USB-C port is designed for fast charging speed, independently, it can output 5V3A, 9V3A, 12V3A, 15V3A or 20V3.25A, 65W at the maximum. The USB-A port can output 5V3A or 9V3A, 27W at the maximum.

 

Surge Protectors & Power Strips

 

Huntkey is a key player in surge protector and power strip market, it provides multiple types of sockets and plugs, including US, EU, AU, SA and Universal types, as well as different cable length to meet its worldwide customers’ needs.

 

Huntkey’s surge protectors and power strips are made of flame-retardant material, and are warranted with multiple protections to ensure safety, like over-load protection, over-heat protection and over-voltage protection. They are all flame-retardant and equipped with an inside integral copper bar that can be able to withstand high temperatures and save energy. The less energy is consumed, the lower electricity bills will be. All of them come with a 3- year warranty.


LED Desk Lamps

 

Tow models of Huntkey LED desk lamps are available to the markets. Huntkey desk lamps are energy-efficient and eye-protective for home and office use. These desk lamps are integrated with multiple touch-controllable sensors, like step-less dimming bars, wireless chargers, USB charging ports, and alarm clocks. They are well-suited for reading, working or studying.

 

To learn more about Huntkey, please visit: https://en.huntkey.com/

About CES

CES(Consumer Electronics Show) is a world renowned trade show annually held in January at the Las Vegas Convention Center (LVCC) in Las Vegas, Nevada, United States. It is organized by the Consumer Technology Association (CTA) to host presentations of new products and technologies in the consumer electronics industry.

About Huntkey

Founded in 1995, Huntkey is a leading global provider of PC power supplies, power strips, surge protectors, laptop adapters, phone chargers, monitors and air purifiers. Huntkey is an Asia renowned brand, a member of The International Power Supply Manufacturer’s Association (PSMA) and China Power Supply Society (CPSS). Including three total nearly 1,000,000 square meters industrial parks, Huntkey is one of the most famous brands and largest companies in mainland China. It is headquartered in Shenzhen, with branch companies in the US, Japan and Hong Kong, and with cooperating factories in Vietnam, Brazil, Argentina and India.

In 2020, Huntkey introduces its latest photocatalyst air purifier – the desktop air purifier globally. The desktop air purifier is designed portable and it can efficiently remove chemical vapors, odors, haze particles, and many more air pollutants.

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New Inject/Eject Mechanism from Southco Simplifies Installation and Operation with Tool Free Operation

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HONG KONG SAR – Media OutReach – 14 January 2021 – Southco Asia Ltd., a subsidiary of Southco Inc., a leading global provider of engineered access solutions such as locks, latches, captive fasteners, electronic access solutions and hinges/ positioning technology, has introduced a new addition to its successful P7 Inject/Eject series, designed for the popular solid-state drive (SSD) data storage format used in the Telecom and Data Center industries. Southco’s P7-M2 Solid-State Drive Inject/Eject Mechanism features intuitive, tool-free operation, and simple installation and removal of PC boards.

[View Image]

P7-M2 Solid-State Drive Inject/Eject Mechanism

Southco’s P7-M2 Solid-State Drive Inject/Eject Mechanism can be easily installed by inserting it into the PC board and rotating 90 degrees into place. The PC board can then be pressed into place and pushed closed. Easily removed with the push of a button, the P7-M2 Solid-State Drive Inject/Eject Mechanism features a special tab design that absorbs PC board tolerance and eliminates vibration. The P7-M2 Solid-State Drive Inject/Eject Mechanism also complements industrial design, with a button that customized to match application color preferences.

“Tool-free operation is a priority in PC board accessory installation, and our new SSD inject/eject mechanism meets this need with a simple, intuitive installation process,” said Global Product Manager Ike Teng. “The P7-M2 Solid-State Drive Inject/Eject Mechanism is easy to use at every step, from installation to removal.”

About Southco

Southco, Inc. is the leading global designer and manufacturer of engineered access solutions. From quality and performance to aesthetics and ergonomics, we understand that first impressions are lasting impressions in product design. For over 70 years, Southco has helped the world’s most recognized brands create value for their customers with innovative access solutions designed to enhance the touch points of their products in transportation and industrial applications, medical equipment, data centers and more. With unrivalled engineering resources, innovative products and a dedicated global team, Southco delivers the broadest portfolio of premium access solutions available to equipment designers throughout the world.

Southco Asia Limited

2401-2406, Tower 2, Ever Gain Plaza

88 Container Port Road, Kwai Chung

Hong Kong

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Donnie Yen appointed as International Image Ambassador of Hong Kong Fire Services Department

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HONG KONG SAR – Media OutReach – 14 January 2021 – To elevate its international image, the Hong Kong Fire Services Department (HKFSD) invited Mr Donnie Yen to become its International Image Ambassador. The appointment ceremony was held earlier at the Fire and Ambulance Services Academy in Pak Shing Kok, Tseung Kwan O, in which the Director of Fire Services, Mr Joseph Leung, presented the appointment certificate to Mr Yen.

[View Image]

The Director of Fire Services, Mr Joseph Leung, presents the appointment certificate to Mr Donnie Yen.

The Fire Services promotional videos stars Donnie Yen as fire and ambulance personnel.

 

In the ceremonial proceedings, Mr Yen said he was honoured to serve as the International Image Ambassador of the HKFSD. He shared some anecdotes from the filming of the Fire Services promotional videos and revealed that he will, for the department, record a song for the first time ever.

Director Leung revealed that the collaboration was materialised largely thanks to Mr Yen’s distinct heroic image which strongly resonates with the intrepidity of the Fire Services personnel. His dedication to work and perfection-seeking professionalism also coincide with the HKFSD’s spirit to constantly strive for improvement and excellence. With an international perspective and reputation, the newly appointed International Image Ambassador will help promote the department’s professionalism and commitment through various media and platforms, spreading the HKFSD’s name worldwide.

For further details, visit the HKFSD’s official Facebook Page:

[View Image]https://www.facebook.com/hkfsd.gov.hk

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