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Beleaguered retailer Bed Bath & Beyond (NASDAQ:BBBY) confirmed Sunday that Chief Financial Officer Gustavo Arnal has died, officially announcing his passing hours after published reports indicated the man had plunged to his death from a Manhattan skyscraper.
“I wish to extend our sincerest condolences to Gustavo’s family. Gustavo will be remembered by all he worked with for his leadership, talent and stewardship of our company. I am proud to have been his colleague, and he will be truly missed by all of us at Bed Bath & Beyond and everyone who had the pleasure of knowing him,” Harriet Edelman, independent chair of the BBBY board, said in a statement.
The company confirmed Arnal’s death shortly after New York City police identified the 52-year-old as the man who died Friday after falling off of an upscale Manhattan high-rise residence’s 18th floor.
New York City Police Detective Arthur Tsui told Seeking Alpha that the man’s injuries “are indicative of him falling from an elevated position,” but that authorities can’t yet say if the case represents a suicide, homicide or something else.
“The medical examiner will determine the cause of death,” Tsui said, adding that “the investigation remains ongoing.”
The news comes at a time when Bed Bath & Beyond (BBBY) has been on a rollercoaster ride after becoming a meme-stock darling on Reddit’s Wall Street Bets chat group. BBBY tumbled from more than $30 in March to less than $5 a share in July, then rocketed back to $30 intraday just weeks ago before sinking again to end Friday at $8.63.
Bed Bath and Beyond (BBBY) has been struggling ever since investor Ryan Cohen disclosed recently that he’d sold the large stake he’d built up in the chain.
BBBY has been facing big financial problems and recently announced a major restructuring that included new financing, layoffs, store closures and a possible sale of new shares to raise capital.
Arnal had served as the company’s CFO since 2020 after holding senior roles at Avon, Walgreens Boots Alliance (WBA), and Procter & Gamble (PG).
“The entire Bed Bath & Beyond Inc. organization is profoundly saddened by this shocking loss,” the company said in a statement. “Mr. Arnal was instrumental in guiding the organization throughout the coronavirus pandemic, transforming the company’s financial foundation and building a strong and talented team. He was also an esteemed colleague in the financial community.”
SA Author and Quant Ratings both currently list BBBY as a Hold, although some contributors remain bullish on the stock.
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