The chief financial officer of troubled Bed Bath & Beyond has died after falling from a skyscraper in New York.
Police have confirmed Gustavo Arnal, 52, fell from the “Jenga” tower in Manhattan on Friday, September 2.
He joined the company during the Covid-19 pandemic in May 2020.
The retailer has been struggling financially, recently announcing store closures and job cuts.
The company’s stock has been volatile, with investors viewing it as a “meme” stock driven by social media buzz rather than traditional economic sentiment.
Harriet Edelman, Independent Chair of the Bed Bath & Beyond Inc. Board of Directors said: “The entire Bed Bath & Beyond Inc. organization is profoundly saddened by this shocking loss.
“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,”
Bath & Beyond has announced plans to close approximately 200 stores permanently over the next two years.
Bed Bath & Beyond recently made headlines after activist investor Ryan Cohen announced in late August that he was selling all of his stock in the company.
Mr Arnal and Mr Cohen were also sued for allegedly inflating the company’s stock price in a “pump and dump” scheme.
Mr Arnal was accused in the class action lawsuit of selling his shares at a higher price after the scheme.
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Bed Bath & Beyond said it was “in the early stages of evaluating the complaint but based on current knowledge the company believes the claims are without merit”.
The home and bath goods retailer has been struggling for some time due to a sales slump and mounting debt. The retailer has predicted a 26 percent drop in same-store sales from April to June.
Last month, Bed Bath & Beyond hired a new CEO, Mara Sirhal, to help the struggling retailer.