An executive from Bed Bath & Beyond dies after falling from a New York tower,

An executive from Bed Bath & Beyond dies after falling from a New York tower

An executive from Bed Bath & Beyond dies after falling from a New York tower,

Gustavo Arnal, 52, the chief financial officer of troubled home goods retailer Bed Bath & Beyond, died Friday. He was hired to stabilize the company in 2020, when it needed to expand its offerings to meet customer demand in a retail sector disrupted by the coronavirus pandemic.

Mr. Arnal died by apparent suicide, according to the New York Police Department. He was discovered near his home, 56 Leonard Street, a skyscraper known as the Jenga Building due to its stacked architectural form, and "looked to be suffering from injuries consistent of a fall from a high height," according to police. According to the statement, emergency personnel pronounced him dead at the site, and the New York City Medical Examiner's Office is attempting to ascertain the exact cause of death. Mr. Arnal's death had earlier been reported in the New York Post.

Arnal joined Bed Bath & Beyond as chief financial officer in May 2020. At the time, the business was experiencing a leadership transition overseen by previous CEO Mark Tritton, who departed the firm in June. Arnal previously served as Avon's chief financial officer and held key positions at Walgreens Boots Alliance and Procter & Gamble, where he spent more than 20 years.

Arnal updated Bed Bath & Beyond investors on the company's finances and the impact of recent rescue initiatives on Wednesday. The company said that it will close 150 locations and lay off 20% of its workforce at its corporate headquarters and throughout its supply chain. According to the corporation, the shop closures would have an impact on the jobs of retail staff.

An executive from Bed Bath & Beyond dies after falling from a New York tower,
Gustavo Arnal was discovered near his home at 56 Leonard Street, a skyscraper in the Tribeca district known as the Jenga building because to its stacked architecture.

Mr. Arnal had only been with Bed Bath & Beyond for two years, but he maintained some consistency in the retailer's ranks while many senior executives left, including the chief executive, chief operating officer, and chief stores officer. In June, Arnal took on the additional responsibility of chief accounting officer following the retirement of John Barresi. Laura Crossen was designated chief accounting officer at the end of June, reporting to Mr. Arnal.

In recent years, the store has been under significant strain as it has tried to rapidly grow its supply chain and operations while dealing with commercial headwinds from the epidemic and two groups of activist investors. The company stated last week that it had acquired a loan from investment firm Sixth Street to boost its liquidity. In the last year, the company's stock has dropped by more than 65 percent.

According to regulatory filings, Mr. Arnal sold about 55,000 shares of Bed Bath & Beyond on August 16 and 17. At the time, the stock soared in reaction to a regulatory disclosure made by activist investor Ryan Cohen.

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