Death of Bed, Bath & Beyond CFO ruled a suicide
New York City – The death of Bed, Bath & Beyond chief financial officer, who fell from New York’s Tribeca skyscraper known as the “Jenga” tower on Friday, was ruled a suicide, the New York City Medical Examiner’s Office said on Monday.
Gustavo Arnal, 52, died from “multiple” blunt force trauma, the office said.
The suicide came days after the struggling retailer announced it was closing stores and laying off workers.
It also comes after Arnal, as well as the company were sued on August 23 over accusations of artificially inflating the firm’s stock price in a “pump and dump” scheme, with the lawsuit alleging Arnal sold off his shares at a higher price after the scheme.
The company said it was “in the early stages of evaluating the complaint, but based on current knowledge the company believes the claims are without merit”.
Arnal joined Bed, Bath & Beyond in 2020. He previously worked as CFO for cosmetics brand, Avon in London and had a 20-year stint with Procter & Gamble Co, according to his LinkedIn profile.
On Friday at 12:30 p.m. (East Caribbean Time), police responded to a 911 call and found a 52-year-old man dead near the building who suffered injuries from a fall. Police identified the man as Arnal.
Bed, Bath & Beyond confirmed his death in a media statement on Sunday, but they gave no details.
The big-box chain – once considered a so-called “category killer” in home and bath goods – has seen its fortunes falter after an attempt to sell more of its own-brand goods.
Last week, Bed, Bath & Beyond said it would close 150 stores, cut jobs, and overhaul its merchandising strategy to turn around its money-losing business.
It forecast a bigger-than-expected 26% 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.