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BED BATH & BEYOND RELEASES STATEMENT ON 'SHOCKING' DEATH OF CFO GUSTAVO ARNAL


 By Jack Davis, The Western Journal  September 4, 2022 at 6:20pm
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Home goods retailer Bed Bath & Beyond issued a statement about the death of its
chief financial officer two days after he leaped to his death from a Manhattan
high-rise.

Gustavo Arnal, 52, died in what police have said appears to have been a suicide,
according to The New York Times.

His body was found Friday near the Jenga building where he lived, and “appeared
to suffer from injuries indicative from a fall from an elevated position,”
police said in a statement.

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According to a report by the New York Post, Arnal’s wife was in the family’s
18th-floor apartment at the time of his death. The Post reported he did not
speak to her before jumping.

The Post also reported that no suicide note was left.


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Bed Bath & Beyond released a statement on Sunday about Arnal’s death, saying,
“The entire Bed Bath & Beyond Inc. organization is profoundly saddened by this
shocking loss.”

“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. 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,” Independent Chair of the Bed Bath & Beyond Inc. Board of Directors Harriet
Edelman said, according to the statement.

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Arnal sold 55,013 shares of the company on Aug. 16 and 17, according to Reuters,
which estimated the sale netted Arnal $1.4 million.

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Arnal had about 255,400 shares remaining, Reuters reported.

On Aug. 23, the company, Arnal and shareholder Ryan Cohen were sued, alleging
that a scheme had been cooked up to artificially inflate the value of the stock.

Arnal’s sale of stock was alleged to be part of the plot, Reuters reported.

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The class action lawsuit claimed Arnal “agreed to regulate all insider sales by
BBBY’s officers and directors to ensure that the market would not be inundated
with a large number of BBBY shares at a given time.”

The lawsuit also claimed Arnal gave “materially misleading statements to
investors,” according to Reuters.

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Bed Bath & Beyond recently said it would close 150 stores and slash jobs in an
effort to turn around the company.

The store closings followed a second quarter in which same-store sales dropped
26 percent year over year.

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Raymond James downgraded the company’s stock despite the cuts, saying the action
“only kicks the can down the road,” according to CNBC.

This article appeared originally on The Western Journal.


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