Bed Bath & Beyond: CFO dies from fall from New York tower

Bed Bath & Beyond: CFO dies from fall from tower new -yorkaise

MISE À DAY

Bed Bath & Beyond has been identified as the man who fell to his death from a skyscraper, weeks after he sold around 42,000 shares of the retailer for $1 million. 

Gustavo Arnal, 52, who was also executive vice president of the struggling home goods retailer, dove Friday from the 18th floor of a skyscraper in the iconic Tribeca known as the “Jenga Building”, a learned the “New York Post” on Sunday.

The death comes days after Bed Bath & Beyond also announced plans to close around 150 stores and cut its workforce by a fifth in a bid to revive its fortunes.

Police did not provide further details on the circumstances leading to to Mr. Arnal's death, but said the New York City Medical Examiner's Office will now determine the cause of death.

The businessman joined Bed Bath & Beyond in 2020 after serving as Avon's CFO for over a year. Mr. Arnal had held senior positions at Walgreens Boots Alliance and Procter & Gamble before joining the cosmetics company.

In mid-August, billionaire Ryan Cohen sold his shares in the company , pocketing US$68.1 million.

Just seven months after acquiring shares of the company Ryan Cohen, which owned more than 10% of Bed Bath & Beyond has begun selling its shares.

Ryan Cohen's investment firm, RC Ventures, paid US$121.2 million between mid-January and early March to acquire 7.78 million shares and options to buy 1.67 million more. However, it disposed of it for the sum of US$189.3 million, according to a file filed Thursday after the US market closed.

The New Jersey-based company is facing debt unmanageable, its debt having experienced its largest drop after the announcement of its dismal financial results on June 29.