Bed Bath & Beyond shares fall after CFO’s death
A pedestrian walks past the Bed Bath and Beyond store in San Francisco, California.
Justin Sullivan | beautiful pictures
Shares of Outdoor shower bed fell in pre-market trading on Tuesday after the struggling retailer’s chief financial officer passed away over the weekend.
Shares fell more than 15% as investors weighed the company’s leadership crisis following the death of Gustavo Arnal. Arnal die friday after falling from a building in midtown Manhattan, police said. The city’s medical examiner’s office later ruled the death a suicide.
The loss comes after the company recently eliminated several executive positions, including chief executive officer, as part of an effort to regain investor and customer confidence. It is also looking for a long-term CEO. Bed Bath & Beyond is operating under interim chief executive, Sue Gove, after the company’s former leader, Mark Tritton, was ousted by the board in June.
The New Jersey-based company announced last week that it has secured over $500 million in new financing, including a loan. It also poses a a series of moves aims to revive business, including the closure of about 150 stores, layoffs and an overhaul of the merchandise strategy.
Arnal joins Bed Bath & Beyond in 2020 from London-based cosmetics company Avon after starting Covid-19 pandemic. He also spent 20 years at Procter & Gamble.
In a statement Sunday regarding his death, Bed Bath & Beyond said that Arnal “was instrumental in guiding the organization throughout the coronavirus pandemic.”
If you are contemplating suicide, contact Suicide & Crisis Hotline at 988 for support and help from a trained counselor.
– CNBC’s Melissa Repko and MacKenzie Sigalos contributed to this report.