Gabby Jones | Bloomberg | Getty Images Bed Bath & Beyond on Sunday confirmed that its Chief Financial Officer Gustavo Arnal died over the weekend, after police had earlier said Arnal had dropped dead. “The entire Bed Bath & Beyond Inc. organization. is deeply saddened by this shocking loss,” the company said in a statement. Arnal, 52, fell Friday afternoon from a building in midtown Manhattan, police said. The iconic skyscraper, known locally as the ‘Jenga Tower’ or ‘Jenga Building’, has more than 50 floors of unique stacked apartments. Emergency medical services pronounced the victim dead at the scene, according to a spokesman for the Office of the New York City Deputy Commissioner, the public information office for the city’s police department. A law enforcement source told CNN on Sunday that Arnal’s wife was seen jumping. The source went on to note that while no suicide note had been found, no foul play was suspected. The New York Times reported that police say it appears to be a suicide, but an NYPD spokesperson tells CNBC that it is up to the Medical Examiner’s Office to determine the cause of death. At this stage the investigation remains ongoing. Since joining Bed Bath in 2020, Arnal has made several purchases and sales of shares in the company. Last month, he sold more than 55,000 shares for $1.23 million, according to a filing, which said he still owned 255,396 shares at the time. Bed Bath stock is down 43% this year — and about 90% from its all-time high. Arnal, who also spent 20 years at Procter & Gamble, died days after the company announced plans to close 150 of its namesake “low-production” stores. The New Jersey-based retailer also said it would cut 20 percent of its staff and added 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 continues to struggle. The company disclosed the continued sales slowdown on Wednesday, with same-store sales falling 26% for the quarter ended Aug. 27 — a steeper decline than in previous quarters. Some analysts say that while the turnaround plan announced Wednesday will improve the company’s liquidity position, it won’t be enough to save Bed Bath’s business. Raymond James downgraded the stock on Thursday, saying cost cuts and new financing were “the only thing that’s driving the can down.” If you are having suicidal thoughts, contact the Suicide & Crisis Lifeline on 988 for support and help from a trained counsellor. This is a developing story. Check back for updates.
