New York
CNN Business
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Shares of Bed Bath & Beyond fell 15% in premarket trading following the death of one of its executives.
A law enforcement source previously told CNN that Gustavo Arnal, the struggling retailer’s chief financial officer, jumped to his death from a high-rise apartment in Manhattan on Friday afternoon. Arnal, 52, was found unconscious and unresponsive outside a luxury 57-story skyscraper near Tribeca, the NYPD said in a statement Sunday.
Law enforcement sources told CNN on Sunday that Arnal’s wife witnessed his jump. The source said that although no suicide note was found, there was no criminal suspicion.
Bed bath and others
(BBBY) A company spokesman said it was “deeply saddened by this shocking loss”.In a statement on Sunday, the independent chairman of Bed Bath & Beyond
(BBBY)“I would like to express my sincerest condolences to Gustavo’s family,” said Harriet Edelman of the board of directors.
“Our focus is to support his family and his team, and our thoughts are with them during this sad and difficult time. Please join us and respect the family’s privacy,” Edelman said. Arnal joined Bed Bath & Beyond in May 2020 after working in finance at Walgreens Avon
(WBA)s Boots Alliance and Procter & Gamble
(PG).
Amal was named as the defendant in the class action, which alleges that he, Ryan Cohen and other major shareholders participated in a “pump-and-sell” scheme that artificially inflated the company’s stock price. The lawsuit was filed last month in the U.S. District Court for the District of Columbia.
The lawsuit alleges that Arnal and others made misleading statements and omissions in communicating with investors about the company’s strategic plans and financial condition, and delayed disclosures about holding and selling their own stock. The lawsuit also alleges that stakeholders shared false revenue figures and that the company planned to spin off its “Buy Buy Baby” brand to fuel a stock-buying frenzy.
Bed Bath & Beyond is in the midst of severe financial turmoil. The company is trying to save itself and avoid bankruptcy by shrinking. The chain said last week it would lay off about 20% of its corporate workforce, close about 150 stores and cut several of its in-house homeware brands. The company also said it secured more than $500 million in financing to shore up its struggling financial woes.
If you or someone you know is struggling with suicidal thoughts or mental health issues, call the National Suicide Prevention Lifeline 988 to speak with a trained counselor or Visit the NSPL website.
–CNN’s Brynn Gingras, Liam Reilly, Ramishah Maruf, and Samantha Beech contributed to this report.
