Investors are apparently fed up with the performance of struggling retailer Bed Bath & Beyond (BBBY).

A trio of investors, owning less than 5 percent of the company between them, announced plans to wage a proxy battle to oust all 12 directors on the company's board. The news sent BBBY shares soaring by more than 30 percent by mid-morning, and the stock closed the day with a 21.99 percent gain -- the biggest gain on the Entrepreneur Index™ today. The stock is still down over 20 percent in the last 12 months.

The company defended its board members and said it welcomed "constructive input" from shareholders. "We look forward to receiving and reviewing any specific suggestions and recommendations the Activist Group may have," the company said in a statement.