Investor Group Comments on Bed Bath & Beyond Board Changes

Believes Company’s announcement fails to adequately address
responsibility of current Board and management – including CEO Temares –
for prolonged value destruction

Bed Bath continues to offer no real strategic vision for future of
the Company

Investor Group will move forward with campaign to effect
desperately-needed drastic and urgent change at the Company by electing
highly-qualified, experienced director nominees

NEW YORK–(BUSINESS WIRE)–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
commenting on Bed Bath & Beyond Inc.’s (NASDAQ: BBBY) (“Bed Bath” or the
“Company”) announcement of certain changes to its Board of Directors
(the “Board”):

The Board changes announced today by Bed Bath are not nearly enough
when measured against what is needed to address the issues with the
current Board and management, including that CEO Steven Temares must be
held accountable for the Company’s prolonged poor performance and
destruction of shareholder value. Further, the Company’s announcement
lacks any detailed strategic vision for driving value creation at Bed
Bath. We will therefore continue to move forward with our campaign to
install fresh, experienced and independent oversight and management at
the Company.

While we are still reviewing the new directors announced today by Bed
Bath, our initial assessment is that the new additions to the Board do
not have the required skill sets and retail experience to effect swift
and real change. This Board needs independent directors with deep retail
experience at the highest levels. The Company’s track record in
identifying additions to the Board in the past does not instill
confidence about their ability to put in place qualified management –
and the reaction of the Company’s share price so far indicates that
other investors feel similarly. Further, we do not believe that the
addition of five new directors who were hand-picked by the current
incumbent directors will translate to the level of independent oversight
that the company requires.

More meaningful change is urgently needed – which is why Legion Partners
Holdings has nominated highly-qualified, independent candidates to the
Board at the 2019 Annual Meeting of Shareholders. Our diverse slate of
experienced retail experts will be focused on hiring a new CEO,
repositioning the Company for profitable growth and instituting
best-in-class corporate governance. These candidates have worked hard to
develop a strategic plan for Bed Bath going forward, which will be
released in the coming days. We remain 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. Macellum’s 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 Children’s 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 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 SEC’S WEB SITE AT http://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 series of the Ancora Trust, an Ohio business
trust (“Ancora Special Opportunity”), Ancora/Thelen Small-Mid Cap Fund,
a series of the Ancora Trust, an Ohio business trust (“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.

Contacts

Media:
Sloane & Company
Dan Zacchei / Joe Germani
212.486.9500
dzacchei@sloanepr.com
/ jgermani@sloanepr.com

Investors:
John Ferguson / Joe Mills
Saratoga Proxy
Consulting LLC
(212) 257-1311
info@saratogaproxy.com