Signage outside a Bed Bath & Beyond retail store in New York City on August 25, 2022.
Gaby Jones | Bloomberg | Getty Images
Bed bath and beyond confirmed on Sunday that its chief financial officer, Gustavo Arnal, died over the weekend, after police earlier said Arnal was dead.
“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, police said. The iconic skyscraper, known locally as “Jenga Tower” or “Jenga Building”, has over 50 floors of uniquely stacked apartments.
Emergency Medical Services pronounced the victim dead at the scene, according to a spokesperson for the New York Deputy Commissioner’s Office, the city’s police department information office. The New York City Medical Examiner’s Office will determine the cause of death. At this stage, the investigation is still ongoing.
Since joining Bed Bath in 2020, Arnal has made several purchases and sales of company stock. Last month he sold more than 55,000 shares for $1.23 million, according to a filewho said he still held 255,396 shares at the time.
Shares of Bed Bath are down 43% this year – and around 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 of its “low-production” namesake stores. The New Jersey-based retailer also said it would cut 20% of its staff and added that it had secured more than $500 million in new funding, including a loan.
The cost-cutting measures come as Bed Bath’s core business continues to struggle. The company reported a continued slowdown in sales on Wednesday, with same-store sales 26% drop for the three-month window ending August 27 – a bigger decline than in previous quarters.
Some analysts say that while the turnaround plan announced Wednesday will improve the company’s liquidity position, it won’t be enough to save Bed Bath’s business. Raymond James downgraded the stock on Thursday, saying the cost cuts and new funding “just kick the box.”
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