Bed Bath & Beyond CFO Death Ruled Suicide

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The death of Bed Bath & Beyond’s chief financial officer, who fell from New York’s Tribeca skyscraper known as the « Jenga » tower on Friday afternoon, has been ruled a suicide, the medical examiner’s office said Monday. from New York.

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Gustavo Arnal, 52, died of « multiple » blunt trauma, the office said.

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The suicide came days after the struggling retailer announced it was closing stores and laying off workers.

It also comes after Arnal as well as the company were sued on August 23 for artificially inflating the company’s share price as part of a ‘pump and dump’ scheme, with the lawsuit alleging that Arnal sold his shares at a higher price after the scheme. .

The company said it was « in the early stages of assessing the complaint, but based on current knowledge, the company believes the claims are without merit. »

Arnal joined Bed Bath & Beyond in 2020. He previously worked as finance director for cosmetics brand Avon in London and spent 20 years at Procter & Gamble Co, according to his LinkedIn profile.

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At 12:30 p.m. Friday, police responded to a 911 call and found a 52-year-old man dead near the building who had been injured in a fall. Police identified the man as Arnal. Bed Bath & Beyond confirmed his death in a press release on Sunday but gave no details.

The big-box chain – once considered a so-called “category killer” in home and bath goods – has seen its fortunes falter after a bid to sell more of its own brand products.

Last week, Bed Bath & Beyond announced it would close 150 stores, cut jobs and overhaul its merchandising strategy in a bid to turn around its loss-making business.

It forecast a bigger-than-expected 26% fall in same-store sales for the second quarter and said it would retain its buybuy Baby business, which it had put up for sale.