Business

Bed Bath & Beyond CFO Gustavo Arnal falls to his death in Manhattan

A sign outside a Bed Bath & Beyond retail store in New York, August 25, 2022.

Gabby Jones | Bloomberg | beautiful pictures

Outdoor shower bed confirmed on Sunday that its Chief Financial Officer Gustavo Arnal had died over the weekend, after police said earlier that Arnal had fallen to his death.

“The entire Bed Bath & Beyond Inc. organization is deeply saddened by this shocking loss.” the company said in a statement.

Arnal, 52, fell Friday afternoon from a building in midtown Manhattan, according to police. The iconic skyscraper, known locally as “Jenga Tower” or “Jenga Building,” has more than 50 floors of uniquely stacked apartments.

Emergency medical services declared the victim dead at the scene, according to a spokesman for the New York Deputy Commissioner’s Office, the public information office of the city police department. The New York City Medical Examiner’s Office will determine the cause of death. At this stage, the investigation is still ongoing.

Arnal, who joined Bed Bath in 2020 from London-based cosmetics company Avon, recently sold more than 55,000 shares of the struggling retailer. Filing with the Securities and Exchange Commission shows he made about $1.23 million in a two-day sale in mid-August. The document also shows that as of filing, Arnal still holds 255,396 shares.

Bed Bath shares are down 43% this year – and about 90% from their all-time high.

Arnal, who also spent 20 years at Procter & Gamble, died days after the company announced plans to close 150 stores belonging to its “lower production” stores of the same name. The New Jersey-based retailer also said it would cut staff by 20% and added that it had secured more than $500 million in new financing, including a loan.

The cost-cutting measures come as Bed Bath’s core business continues to struggle. The company revealed sales continued to slow on Wednesday, with same-store sales down 26% for the three-month period ending August 27 – a larger drop than in previous quarters.

Some analysts say that while the turnaround plan announced Wednesday will improve the company’s liquidity position, it will not be enough to save Bed Bath’s business. Raymond James downgraded the stock on Thursday, saying that the cost cuts and new financing “only reduces possible value down the road.”

If you are contemplating suicide, contact Suicide & Crisis Hotline at 988 for support and help from a trained counselor.

This is an evolving story. Please check back for updates.

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