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

Signage exterior a Bed Bath & Beyond retail retailer in New York, Aug. 25, 2022.

Gabby Jones | Bloomberg | Getty Images

Bed Bath & Beyond on Sunday confirmed that its chief monetary officer Gustavo Arnal died over the weekend, after police had stated earlier that Arnal fell to his death. Investigators consider Arnal’s fall was intentional, however he left no word behind and didn’t say something to his spouse, who was house on the time, sources informed WNBC.

“The entire Bed Bath & Beyond Inc. organization is profoundly saddened by this shocking loss,” the corporate stated in a press release.

Arnal, 52, fell Friday afternoon from a constructing in downtown Manhattan, in accordance to police. The iconic skyscraper, identified domestically because the “Jenga Tower” or the “Jenga Building,” has greater than 50 flooring of uniquely stacked flats.

Emergency Medical Services declared Arnal deceased on the scene, in accordance to a spokesperson from New York’s Office of the Deputy Commissioner, the general public info workplace for the town’s police division.

A NYPD spokesperson tells CNBC it’s up to the Medical Examiner’s Office to make a closing dedication about the reason for death. At this stage, the investigation stays ongoing. 

Arnal joined Bed Bath in 2020 from London-based cosmetics firm Avon, simply after the beginning of the coronavirus pandemic. He additionally spent 20 years at Procter & Gamble. In Bed Bath’s assertion on Sunday, the corporate famous that Arnal “was instrumental in guiding the organization throughout the coronavirus pandemic.”

Since becoming a member of Bed Bath, Arnal made a number of purchases and gross sales of firm inventory. Last month, he offered greater than 55,000 shares at costs starting from $20 per share to $29.95 per share, for a complete $1.23 million, in accordance to a submitting. Those gross sales had been made as a part of a buying and selling plan he had signed in April. The doc additionally famous he nonetheless held 255,396 shares after these newest gross sales.

Bed Bath’s latest struggles

Bed Bath’s inventory is down 43% this 12 months — and about 90% from its all-time excessive.

Arnal died days after the corporate introduced plans to shut 150 shops of its “lower producing” namesake shops. The New Jersey-based retailer additionally stated it might be slicing 20% of its employees and added that it had secured greater than $500 million in new financing, together with a mortgage.

The cost-cutting measures come as Bed Bath’s core enterprise continues to wrestle. The firm disclosed persevering with slowing gross sales on Wednesday, with same-store gross sales dropping 26% for the three-month window ended Aug. 27 — an even bigger drop than in earlier quarters. 

Some analysts say that whereas the turnaround plan introduced Wednesday will enhance the corporate’s liquidity place, it will not be enough to save Bed Bath’s enterprise. Raymond James downgraded the inventory Thursday, saying that the fee cuts and new financing “only kicks the can down the road.” 

Bed Bath is likely one of the public firms swept up in the so-called “meme trade,” which sees shares expertise wild worth swings primarily based on social media hype amongst retail traders. In August, Bed Bath had a number of days with worth strikes of greater than 20%.

In mid-August, activist investor Ryan Cohen, a serious Bed Bath shareholder, exited his place. Cohen’s RC Ventures offered its Bed Bath holdings at a spread of costs between $18.68 per share and $29.22 per share. After the sale, the inventory plummeted 40%.

Bed Bath additionally faces a category motion lawsuit just lately filed in the District of Columbia, accusing it of misrepresenting its worth and profitability. Arnal is known as in the go well with, as is Cohen.

Bed Bath informed CNBC that it might not touch upon litigation. In an SEC submitting from Aug. 31, the corporate famous that it was “evaluating the complaint” however that primarily based on present information, it believed the claims had been “without merit.”

If you’re having suicidal ideas, contact the Suicide & Crisis Lifeline at 988 for assist and help from a skilled counselor.

This is a growing story. Please examine again for updates.

— Additional reporting by CNBC’s Dan Mangan.

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