Recent news regarding the deceased executive has been released and reported in the context of the company’s long-term future.
This article is based on corporate postings and accredited media reports. Linked information within this article is attributed to the following outlets: NYPost.com, BusinessInsider.com, and CTExaminer.com.
I have written several articles for NewsBreak regarding the beleaguered Bed Bath & Beyond chain. This month, following the September 2nd suicide of the company’s CFO, 52-year-old Gustavo Arnal, I reported on the tragedy and events leading up to it.
See here for “Bed Bath & Beyond CFO Dead: Exec Leaps From New York City Towner Days Following Announcement of 150 Store Closures,” and here for “Update: Bed Bath & Beyond CFO’s Death Officially Ruled a Suicide; Was Facing a $1.2 Billion Lawsuit For Insider Trading.”
The latter article explained that Arnal’s death had been linked to a “pump and dump” insider trading financial scheme, and legal issues were pressing. The company’s stock had substantially dropped in the days prior to his suicide, around the time of the company announcement of 150 store closures, as also covered in the article.
In recent days, further information has been released that is presently being reported in the context of Bed Bath & Beyond’s continued business.
Let us explore further.
Bed Bath and Beyond CFO Updates
According to The New York Post, in its piece titled “Bed Bath & Beyond Faces Leadership Void After Gustavo Arnal’s Death, C-Suite Exodus: Expert,” the company’s business is at a crossroads.
As excerpted from the article: “The company is in crisis,” bankruptcy attorney Eric Snyder of Wilk Auslander told The Post on Monday. “Now that there is a vacancy for the CFO, the logical next step is to bring in a restructuring officer to either restructure the company with the creditor groups or sell the company through an organized bankruptcy process.” The retailer, which is trying to stave off bankruptcy, is expected to name Arnal’s successor before the markets open on Tuesday, according to a Wall Street Journal report, amid a leadership vacuum and potentially damaging litigation.
Arnal’s passing, however, was only part of the void. The article further states: The C suite has seen an exodus after losing its chief executive, Mark Tritton, and its chief merchandising officer, Joe Hartsig, on June 29. Last week, Chief Operating Officer John Hartmann stepped down.
BusinessInsider.com’s article, “Former Colleagues of Late Bed Bath & Beyond CFO Gustavo Arnal, Stunned By His Death, Remember Him: 'The Strongest and Most Resilient Person I've Met,'” stated the following: One former colleague from Arnal's time at P&G in Cincinnati remembers him as devoted to his work and to his team. "He was definitely driven. He loved to win in business, and he liked to help the business be successful for the employees, for the shareholders," this person said. "I think people who knew him will just remember him as kind, as upbeat, as positive, as a person dedicated to those around him — whether it's his family, his friends, his colleagues, his shareholders, consumers." Arnal's decision to join Bed Bath & Beyond at a fraught point in its history exemplified his tendency to run toward challenges, his former colleagues said.
In terms of new closures — which appears to be part of the 150 previously announced but has not been formally identified by the company as such — today’s CTExaminer.com published “Bed Bath & Beyond Announces Closures, Exits Ridgeway Shopping Center,” which stated: Calls and emails Tuesday seeking confirmation from Bed Bath & Beyond corporate headquarters in Union, N.J., were not returned. A call and an email left for Steven Dudziec, vice president of leasing for Urstadt Biddle Properties, owner of Ridgeway Shopping Center, also were not returned Tuesday. But the Urstadt Biddle website advertises the Bed Bath & Beyond space for lease.
No further closings have yet been announced.
As the company’s survival following the passing of its CFO, the C-Suite void that remains to be filled appears to be the entity’s most pressing issue.
I will continue to share further updates to this story here, on NewsBreak, as they happen.
For anyone reading this who may suffer from suicidal ideology, please 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.