1 year ago
107 Signage extracurricular a Bed Bath & Beyond retail store successful New York, Aug. 25, 2022.
Gabby Jones | Bloomberg | Getty Images
Bed Bath & Beyond connected Sunday confirmed that its Chief Financial Officer Gustavo Arnal died implicit the weekend, aft constabulary had said earlier that Arnal fell to his death.
"The full Bed Bath & Beyond Inc. enactment is profoundly saddened by this shocking loss," the institution said successful a statement.
Arnal, 52, fell Friday day from a gathering successful downtown Manhattan, according to police. The iconic skyscraper, known locally arsenic the "Jenga Tower" oregon the "Jenga Building," has much than 50 floors of uniquely stacked apartments.
Emergency Medical Services declared the unfortunate deceased connected the scene, according to a spokesperson from New York's Office of the Deputy Commissioner, the nationalist accusation bureau for the city's constabulary department. The New York City Medical Examiner's Office volition find the origin of death. At this stage, the probe remains ongoing.
Since joining Bed Bath successful 2020, Arnal made respective purchases and income of institution stock. Last month, helium sold much than 55,000 shares for $1.23 million, according to a filing, which said helium inactive held 255,396 shares astatine the time.
Bed Bath's banal is down 43% this twelvemonth — and astir 90% from its all-time high.
Arnal, who besides spent 20 years astatine Procter & Gamble, died days aft the institution announced plans to adjacent 150 stores of its "lower producing" namesake stores. The New Jersey-based retailer besides said it would beryllium cutting 20% of its unit and added that it had secured much than $500 cardinal successful caller financing, including a loan.
The cost-cutting measures travel arsenic Bed Bath's halfway concern continues to struggle. The institution disclosed continuing slowing income connected Wednesday, with same-store income dropping 26% for the three-month model ended Aug. 27 — a bigger driblet than successful erstwhile quarters.
Some analysts accidental the portion the turnaround program announced Wednesday volition amended the company's liquidity position, it won't beryllium capable to prevention Bed Bath's business. Raymond James downgraded the stock Thursday, saying that the outgo cuts and caller financing "only kicks the tin down the road."
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