Bed Bath & Beyond CFO Jumps to his death in NYC
Gustavo Arnal, 52, was the Chief Financial Officer of Bed Bath & Beyond, a company that has been going through struggles of late due to high inflation and a sagging economy. The company announced plans to close 150 stores, of its roughly 900, and lay off 20 percent of staff just two days before Arnal’s death.
He reportedly sold over 42,000 shares in the company, oft-identified as a ‘meme stock’, for $1million just over two weeks ago, according to MarketBeat.com.
At the time, he still owned 267,896 shares in the company, valued at just under $6.5million.
According to the New York Post, Arnal “jumped to his death” from the Jenga Building, an iconic skyscraper in Tribeca that resembles the well-known game of stacking blocks.
Four Days ago REUTERS reported:
Aug 31 (Reuters) – Bed Bath & Beyond Inc (BBBY.O) on Wednesday said it inked deals for more than $500 million in new financing and that it would close 150 stores, cut jobs and overhaul its merchandising strategy in an attempt to turn around its money-losing business.
Investors, however, remain concerned that the retailer’s plan, announced in a strategic update, will do little to improve Bed Bath & Beyond’s business as shares fell as much as 26.5%. The retailer also announced a plan to raise money by issuing new shares.