The tragedy is suspected to have resulted from the company’s most recent earnings report that led to the location shutterings.
This article is based on corporate postings and accredited media reports. Linked information within this article is attributed to the following outlets: DailyMail.co.uk, MarketBeat.com, Reuters.com, Finance.Yahoo.com, and 988Lifeline.org.
Early this morning, The Daily Mail was one of many outlets that reported on the death of current Bed Bath & Beyond CFO Gustavo Arnal, 52.
The Daily Mail report, entitled “Bed Bath & Beyond CFO, 52, is Identified as Man Who Jumped to His Death From 18th Floor of NYC's 'Jenga' Tower - Two Days After Firm Announced Plans to Lay Off 20% of Staff and Close 150 Stores,” stated: The man who jumped to his death from the 18th floor of the famous 'Jenga' tower in lower Manhattan's Tribeca neighborhood Friday has been identified as a Bed Bath & Beyond executive. Gustavo Arnal, 52, was the Chief Financial Officer of Bed Bath & Beyond, a company that has been going through struggles of late due to high inflation and a sagging economy. The company announced plans to close 150 stores, of its roughly 900, and lay off 20 percent of staff just two days before Arnal's death. He reportedly sold over 42,000 shares in the company, oft-identified as a 'meme stock', for $1million just over two weeks ago, according to MarketBeat.com.
The article goes on state that Arnal assumed the CFO role in 2020, having previously worked as an executive at several major companies including Avon, Walgreens, and Procter & Gamble.
About Bed Bath & Beyond and Gustavo Arnal
According to Reuters.com: Gustavo Arnal, 52, joined Bed Bath & Beyond (BBBY.O) in 2020. He previously worked as CFO for cosmetics brand Avon in London and had a 20-year stint with Procter & Gamble (PG.N), according to his LinkedIn profile… The 60-story tower at 56 Leonard Street in Tribeca gets its name from the way the apartments are stacked like blocks in the Jenga game.
Earlier this week, NewsBreak published “Bed Bath & Beyond Announces 150 New Permanent Location Closings as Stocks Plunge,” my piece detailing recent challenging news for the company.
The article excerpted a piece from Finance.Yahoo.com, titled “Bed Bath & Beyond Stock Tanks After Cutting Staff, Closing Stores, and Floating Share Sale,” illustrating that the then-breaking financial development could not be much worse for the long-beleaguered business: Bed Bath & Beyond (BBBY) stock is getting smoked early Wednesday as investors get more clarity on the mess facing the struggling retailer. On Wednesday morning, in an SEC filing and a press release ahead of an investor presentation, the company outlined plans to issue more stock, close 150 stores, and fire 20% of its staff as the retailer looks to stem the bleeding from a collapse in sales. Shares of the retailer were down more than 24% in early trading as of 9:38 AM ET.
The stock plunge was the latest in a string of financial setbacks for the company.
Though neither the company nor coroners have yet to issue formal statements at the time of this writing, suicide is suspected.
I will share further updates to this story here, on NewsBreak, as they happen.
For anyone reading this who may suffer from suicidal ideology, pleas dial 988 on your phone to receive immediate help if you are in crisis. See here. The link also states: The previous Lifeline phone number (1-800-273-8255) will always remain available to people in emotional distress or suicidal crisis.
Thank you for reading.