Bed Bath & Beyond Inc. declined after Chief Financial Officer Gustavo Arnal fell to his death Friday from a Manhattan skyscraper.
(Bloomberg) — Bed Bath & Beyond Inc. declined after Chief Financial Officer Gustavo Arnal fell to his death Friday from a Manhattan skyscraper.
The shares of the struggling home-goods retailer slumped by as much as 25% in premarket activity on Tuesday, the first day of trading after the US Labor Day weekend. The stock was down 15% as of 8:06 a.m.
The Union, New Jersey-based company confirmed on Sunday that the 52-year-old Arnal had died. The New York City Medical Examiner’s Office ruled the death a suicide, according to the New York Times.
Arnal was among the Bed Bath & Beyond executives who provided details last Wednesday on the company’s turnaround plan, which included cutting 20% of jobs across its corporate and supply-chain operations and closing about 150 lower-producing stores. The plan also envisioned new financing and the sale of as many as 12 million shares to enhance liquidity as it fights to survive.
Arnal joined the retailer in May 2020 as it navigated the coronavirus pandemic. He was previously with Avon Products Inc., Walgreens Boots Alliance Inc. and Procter & Gamble Co.
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