Signage outside a Bed Bath & Beyond retail store in New York, August 25, 2022.
Gaby Jones | Bloomberg | Getty Images
Bed Bath & Beyond confirmed on Sunday that its Chief Financial Officer Gustavo Arnal had died over the weekend, after police previously said Arnal had fallen to his death.
“The entire organization of Bed Bath & Beyond Inc. is deeply saddened by this shocking loss,” the company said in a statement.
Arnal, 52, fell from a building in downtown Manhattan on Friday afternoon, according to police. Known locally as the “Jenga Tower” or “Jenga Building,” the iconic skyscraper has more than 50 floors of uniquely stacked apartments.
According to a spokesman for the New York City Deputy Commissioner’s Office, the city’s police department’s public information office, emergency medical services pronounced the victim dead at the scene.
A law enforcement source told CNN Sunday that Arnal’s wife saw him jump. The source went on to note that although no suicide note had been found, no crime was suspected. The New York Times reported that police say it appears to be suicide, but an NYPD spokesman told CNBC it is up to the Medical Examiner’s Office to make a final determination as to 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 shares. Last month, he sold more than 55,000 shares for $1.23 million, according to a filing showing he held 255,396 shares at the time.
Bed Bath’s stock is down 43% this year — and about 90% off its all-time high.
Arnal, who also spent 20 years at Procter & Gamble, died days after the company announced plans to close 150 stores of its “less producing” eponymous stores. The New Jersey-based retailer also said it will cut 20% of its workforce, adding that it has secured more than $500 million in new financing, including a loan.
The cost-cutting measures come as Bed Bath’s core business continues to struggle. The company announced a continued slowdown in sales on Wednesday, with same-store sales for the three-month window ending Aug. 27 down 26% — a bigger drop than in previous quarters.
Some analysts say that while the turnaround plan announced on Wednesday will improve the company’s cash position, it won’t be enough to save Bed Bath’s business. Raymond James downgraded the stock Thursday, saying the cost cuts and new funding “just kick the can on the road.”
If you are having suicidal thoughts, call the Suicide & Crisis Lifeline at 988 for support and help from a trained counselor.
This is an evolving story. Please check back for updates.