Bed Bath & Beyond shares are down sharply after the death of the chief financial officer

Gustavo Arnal, the embattled retailer’s chief monetary officer, jumped to his dying from a high-rise house in Manhattan on Friday afternoon, a legislation enforcement supply beforehand informed CNN. The NYPD stated in an announcement Sunday that Arnal, 52, was discovered unconscious and unresponsive in entrance of his 57-story luxurious skyscraper within the Tribeca neighborhood.

The police supply informed CNN on Sunday that Arnal’s spouse noticed him bounce. The supply stated that whereas no suicide word was discovered, no criminality is suspected.

Mattress tub and past (BBBY) is “deeply saddened by this stunning loss,” an organization spokesperson stated. In an announcement on Sunday, Mattress Tub & Past Unbiased Board Chair Harriet Edelman stated, “I need to ship our deepest condolences to Gustavo’s household.”
“Our aim is to assist his household and staff and our ideas are with them throughout this unhappy and troublesome time. Please be a part of us in respecting the household’s privateness,” Edelman stated. Arnal joined Mattress Tub & Past in Might 2020 after a profession in finance at Avon, Walgreens Boot Alliance (WBA) and Procter & Gamble. (PG)

Arnal has been named a defendant in a category motion lawsuit accusing him, Ryan Cohen and different main shareholders of participating in a “pump and dump” scheme to artificially inflate the corporate’s inventory value. The lawsuit was filed final month in the USA District Courtroom for the District of Columbia.

The lawsuit alleges that Arnal and others made deceptive statements and omissions when speaking to buyers concerning the firm’s strategic plans and monetary situation, and delayed disclosures concerning the holding and sale of their very own shares. The lawsuit additionally alleges that stakeholders shared false income figures and the corporate’s plans to create its “Purchase Purchase Child” model to gas a stock-buying frenzy.

Mattress Tub & Past is in deep monetary turmoil. The corporate is attempting to avoid wasting itself and keep away from chapter by shrinking. The chain introduced final week that it could lay off about 20% of the corporate’s staff, shut about 150 shops and lower a number of of its homeware manufacturers. The corporate additionally stated it secured greater than $500 million in funding to shore up its troublesome monetary scenario.

On Tuesday, the corporate named Laura Crossen, its senior vice chairman of finance, as interim chief monetary officer, and she is going to proceed in her function as chief accountant.

In the event you or somebody you understand is battling suicidal ideas or psychological well being pointswell being questions, please name the Nationwide Suicide Prevention Lifeline at 988 to get in contact with a educated counselor or go to the NSPL web site.

–CNN’s Brynn Gingras, Liam Reilly, Ramishah Maruf and Samantha Beech contributed to this report.

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