Signage outside the Bed Bath & Beyond retail store in New York in August. February 25, 2022.
Gaby Jones | Bloomberg | Getty Images
Bed Bath & Beyond confirmed Sunday that its chief financial officer, Gustavo Arnal, died over the weekend, after police had previously said Arnal fell to his death. Investigators believe Arnal’s fall was intentional, but he left no notes or said anything to his wife, who was at home at the time, sources told WNBC.
“The entire Bed Bath & Beyond Inc. organization is deeply saddened by this shocking loss,” the company said in a statement.
Arnar, 52, fell from a building in midtown Manhattan Friday afternoon, according to police. Known locally as the “Jenga Tower” or “Jenga Building,” this iconic skyscraper features 50 floors of uniquely stacked apartments.
Emergency medical services pronounced Anal dead at the scene, according to a spokesman for the Office of the Deputy Commissioner of the NYPD’s Office of Public Information.
A spokesman for the NYPD told CNBC that the final determination on the cause of death rests with the medical examiner’s office. At this stage, the investigation is still ongoing.
In Bed Bath’s statement on Sunday, the company noted that Anar “has played an important role in guiding the organization throughout the coronavirus pandemic.”
Since joining Bed Bath in 2020, Arnal has bought and sold company stock several times. He still held 255,396 shares last month when he sold more than 55,000 shares for $1.23 million, according to a filing.
Shares of Bed Bath are down 43% this year and are down about 90% from their all-time high.
Arnal, who also worked at Procter & Gamble for 20 years, died days after the company announced plans to close 150 of its “low-volume” namesake stores. The New Jersey-based retailer also said it would cut 20% of its workforce, adding that it had secured more than $500 million in new financing, including a loan.
The cost-cutting measures come as Bed Bath’s core business is still struggling. The company disclosed on Wednesday that sales continued to slow, with same-store sales falling 26% in the three-month window ended Aug. 3. 27 – A steeper decline than in previous quarters.
Some analysts said that while the turnaround announced Wednesday would improve the company’s liquidity position, it would not be enough to save Bed Bath’s business. Raymond James downgraded the stock on Thursday, saying cost cuts and new financing “will only make the future worse.”
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