Bed Bath & Beyond CFO Gustavo Arnal faced $1.2B lawsuit before suicide
Gustavo Arnal plunged from a Manhattan building.
NEW YORK - Gustavo Arnal, the chief financial officer and executive vice president of Bed, Bath & Beyond, was named in a huge lawsuit before he jumped to his death from a Manhattan building on Friday.
The NYPD responded at about 12:30 p.m. to Leonard Street and West Broadway in Tribeca. They found the body of 52-year-old Gustavo Arnal near the so-called Jenga building with injuries "indicative from a fall from an elevated position."
In a statement, the company said the "entire Bath & Beyond Inc. organization is profoundly saddened by this shocking loss."
Related: Future of Bed Bath & Beyond stock uncertain after CFO death
"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," said Harriet Edelman, Independent Chair of the Bed Bath & Beyond Inc. Board of Directors. "I am proud to have been his colleague. He will be truly missed by all of us at Bed Bath & Beyond and everyone who had the pleasure of knowing him. Our focus is on supporting his family and his team and our thoughts are with them during this sad and difficult time. Please join us in respecting the family's privacy."
Arnal joined Bed, Bath & Beyond in May 2020 and previously worked for Avon cosmetics company, Walgreens Boot Alliance, and Proctor & Gamble.
NYPD said the investigation into Arnal’s death was ongoing.
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Arnal was among the defendants named in a class-action suit that claims that he was among a group of stock traders who artificially inflated Bed Bath & Beyond's stock in what is called a 'pump and dump' scheme.
Arnal recently sold more than 50,000 shares when the stock was in the upper $30s a share. A short time later it plunged to less than $10.
On Wednesday, Bed Bath & Beyond said it will close 150 stores and lay off workers in a bid to turn around its beleaguered business.
The home goods retailer based in Union, New Jersey said it will also slash its workforce by 20%. It also said it is considering selling more of its stock to shore up its finances and had lined up more than $500 million of new financing.
Bed Bath & Beyond's stock is down 65% in the last 12 months.
As of May, the retailer operated a total of 955 stores, including 769 Bed Bath & Beyond stores, 135 buybuy Baby stores, and 51 stores under the names Harmon, Harmon Face Values or Face Values. As of February, it had roughly 32,000 employees.
If you or a loved one is feeling distressed, call the National Suicide Prevention Lifeline. The crisis center provides free and confidential emotional support 24 hours a day, 7 days a week to civilians and veterans. Call the National Suicide Prevention Lifeline at 1-800-273-8255. Or text HOME to 741-741 (Crisis Text Line).
CLICK HERE https://afsp.org/risk-factors-and-warning-signs for the warning signs and risk factors of suicide. Call 1-800-273-TALK for free and confidential emotional support.