Bed Bath & Beyond reported on Sunday that Chief Financial Officer Gustavo Arnal died, following police reports that Arnal died on Friday.
Arnal committed suicide, according to the medical examiner’s office.
Arnal “was essential in directing the organisation throughout the coronavirus pandemic,” Bed Bath stated in a statement on Sunday.
Gustavo Arnal, the company’s chief financial officer, died on Friday, according to Bed Bath & Beyond, after falling to his death, according to authorities.
According to the New York City medical examiner’s office, the CEO died from numerous physical wounds and committed suicide on Sunday night. According to WNBC, Arnal did not leave a note and did not speak to his wife, who was at home at the time.
“This terrible loss has deeply grieved the entire Bed Bath & Beyond Inc. organisation,” the firm said in a statement.
According to police, Arnal, 52, fell from a building in central Manhattan on Friday afternoon. The distinctive tower, colloquially known as the “Jenga Tower” or “Jenga Building,” features more than 50 storeys of creatively stacked flats.
According to a representative from New York’s Office of the Deputy Commissioner, the city’s police department’s public information office, Arnal was certified dead at the site by emergency medical services.
Arnal joined Bed Bath from the London-based cosmetics giant Avon in 2020, shortly after the coronavirus epidemic began. He also worked for Procter & Gamble for 20 years. Bed Bath & Beyond said in a statement on Sunday that Arnal “was important in managing the corporation throughout the coronavirus outbreak.
Since joining Bed Bath, Arnal made many purchases and trades of company stock. According to a document, he sold more than 55,000 shares last month at values ranging from $20 to $29.95 per share, for a total of $1.23 million. Those sales were part of a trading plan he agreed to in April. After those recent sales, he still possessed 255,396 shares, according to the paper.
Bed Bath’s recent difficulties
Bed Bath & Beyond’s stock is down 43% this year and is down around 90% from its all-time high.
Arnal passed away just two days after the corporation revealed plans to liquidate 150 of its “lowest generating” namesake outlets. The New Jersey-based store recently announced that it will lay off 20% of its workforce and announced that it had acquired more than $500 million in new finance, including a loan.
Bed Bath’s main business is still struggling, therefore the cost-cutting measures are necessary. On Wednesday, the firm reported that same-store sales were down 26% for the three-month period ending Aug. 27 — a larger loss than in previous quarters.
According to some analysts, while the recovery plan presented Wednesday would improve the company’s financial situation, it will not be enough to save Bed Bath & Beyond’s business. Raymond James downgraded the stock on Thursday, stating that the expense reduction and new financing “merely pushes the can down the road.”
Bed Bath & Beyond is one of the public corporations caught up in the so-called “meme trade,” in which stocks see dramatic price swings due to social media buzz among retail investors. In August, Bed Bath & Beyond had many days with price changes of more than 20%.
Ryan Cohen, a big Bed Bath shareholder, quit his position as an activist investor in mid-August. Cohen’s RC Ventures sold its Bed Bath & Beyond holdings for a range of $18.68 to $29.22 per share. After the transaction, the stock plunged 40%.
In addition, a class action complaint was recently launched in the District of Columbia alleging Bed Bath & Beyond of misrepresenting its value and profitability. Arnal and Cohen are also named in the action.
Bed Bath refused to comment on the lawsuit, according to CNBC. In an August 31 SEC filing, the business stated that it was considering the complaint,” but that based on existing understanding, the charges were “without merit.