Information reaching Kossyderrickent has it that Bed Bath & Beyond $BBBY CFO Gustavo Arnal, 52, is dead after jumping from the 18th story of NYC’s ‘Jenga Tower’, just days after the company announced it was laying off 20% of staff & closing 150 stores. (Read More Here).
The retailer also announced a plan to raise money by issuing new shares and said it had secured $500 million in new financing — but investors took a dim view of the strategic plan, and shares fell as much as 25 percent in morning trading.
Traders on the Reddit forum WallStreetBets, who have cheered the stock in recent weeks, reacted with a mixture of stoicism and despair.
‘I just wanted make money without any effort. why I have to suffer like this? why?’ wrote one user on the forum.
In Wednesday’s update, Bed Bath & Beyond also forecast a bigger-than-expected 26 percent slump in same-store sales for the second quarter and said it would retain its buybuy Baby business, which it had put up for sale.
He reportedly sold over 42,000 shares in the company, oft-identified as a ‘meme stock’, for $1million just over two weeks ago, according to MarketBeat.com.
At the time, he still owned 267,896 shares in the company, valued at just under $6.5million.
Arnal moved to Bed Bath & Beyond in 2020 – when the company was already struggling due to the coronavirus pandemic – from London-based cosmetics giant Avon, where he was also CFO, and had spent 20 years at Proctor & Gamble.
When Arnal was brought to Bed Bath & Beyond in April 2020 a company spokesman said in a statement they were ‘bringing in world class talent to offer new perspectives, expertise and experience as we rebuild our business.’
‘Gustavo exemplifies this and his experience delivering business transformation at other leading companies, his deep knowledge of the retail and consumer goods space, as well as his energy and drive will help accelerate our transformation plans.’
Arnal joined Bed Bath & Beyond in 2020. He previously worked as chief financial officer for cosmetics giant Avon based out of London and had a 20-year career working overseas leading Procter & Gamble.
In 2021, he made more than $2.9 million via Bed Bath & Beyond, including $775,000 in salary and the rest in stock awards, according to InsiderTrades.com.
Bed Bath & Beyond has recently been facing turbulence.
Shares in the Union, New Jersey-based business lost nearly a quarter of their value Wednesday, after the company announced a restructuring that includes store closures, layoffs and a possible stock offering.
Gustavo Arnal, 52, who was also an executive vice president for the struggling home goods retailer, plunged from the 18th floor of 56 Leonard Street on Friday, police sources said.
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