Bed Bath & Beyond CFO plunges to death | Retail News India - Apparel Resources

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Gustavo Arnal (52), Chief Financial Officer (CFO) of Bed Bath & Beyond Inc., fell to his death from New York’s Tribeca skyscraper known as the ‘Jenga’ tower. Gustavo had joined Bed Bath & Beyond, the US-based chain of retail stores, in 2020.

The unfortunate incident took place just days after the company had said that it was closing several stores.

Few days ago, Gustavo sold 55,013 shares in the company, Reuters’ calculations showed based on SEC filings.

As per media reports, on Friday at 12:30 PM ET (1630 GMT), police responded to a 911 call and found a man dead near the building who appeared to suffer injuries from a fall. Police identified the man as Gustavo Arnal.

It is being said that Gustavo’s wife witnessed him jump to death. The sources said while no suicide note was found, no criminality is suspected.

The police statement did not provide further details on the circumstances leading to his death, but added that the New York City Medical Examiner’s Office will now determine the cause of the fatality.

Reportedly, Gustavo was named a defendant in a class action lawsuit accusing him, Ryan Cohen and other large shareholders of engaging in a ‘pump and dump’ scheme to artificially inflate the price of the company’s stock.

The lawsuit was filed on 23 August in the US District Court for the District of Columbia.

Bed Bath & Beyond is “profoundly saddened by this shocking loss,” a spokesperson for the company said.

Bed Bath & Beyond said last week that it would close 150 stores, out of its roughly 900 stores and lay off 20 per cent of its staff and overhaul its merchandising strategy to turn around its money-losing business.

The company forecast a bigger-than-expected 26 per cent slump in same-store sales for the second quarter and said it would retain its buybuy Baby business, which it had put up for sale.

The company has lately been seeing its fortunes falter, with Mark Tritton, its CEO, being fired in June after the company’s sales dropped by 25 per cent in Q1.

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