Bed Bath & Beyond’s CFO commits suicide after job cutsAvatarPublished 9 mins ago on September 4, 2022By BNO News
Gustavo Arnal, chief financial officer of Bed Bath & Beyond
Gustavo Arnal, the chief financial officer of Bed Bath & Beyond, has died by suicide after jumping from a skyscraper in New York City, officials confirmed on Sunday, just days after the firm announced job cuts and store closures.

The incident happened at 12:30 p.m. on Friday when Arnal, who was 52, jumped from the 18th floor of 56 Leonard Street, the location of a skyscraper known as the Jenga Tower, in Manhattan. He was pronounced dead at the scene.

Arnal joined Bed Bath & Beyond in 2020 and served as the firm’s executive vice president and chief financial officer. He previously worked at cosmetics company Avon, the holding company that owns Walgreens and Boots, and Procter & Gamble.

Arnal’s death came just two days after the firm announced that it plans to cut its workforce by 20 percent and close approximately 150 low-performing stores as part of an overhaul to improve its financial position.

Arnal sold 55,013 shares in the company last month, according to Reuters.

Bed Bath & Beyond’s stock price has tumbled from a peak of nearly $80 in 2013 to less than $9 when markets closed on Friday. In recent months it also became known as a meme stock, causing fluctuations in its price.

Sorry forgot this:

https://bnonews.com/index.php/...cide-after-job-cuts/

This message has been edited. Last edited by: downtownv,

I live in a Semi-small town, and we have a BB&B. I stirred up a conversation on Friday in the nurses lounge by mentioning that they're gonna shut down a lot of the stores.

The worst happened at that moment, as if about 10 weddings had to be postponed because they were all register at BB&B! Where would they get presents and still be able to use a 20% off coupon???

Anyway, maybe Target will pick up the 20% slack if ours closes, avoiding a major run on xanax at the local CVS.

quote:

Originally posted by downtownv:

Gustavo Arnal, the chief financial officer of Bed Bath & Beyond, has died by suicide after jumping from a skyscraper

Is he in the car?

Link. All news items must be accompanied by a link.



The link should be provided by the OP. I can find the news item on my own, but that's not the point.

Must be more to the jumper story than meets the eye. Dude may have lost 90% of his stock value over time, but still had about $6M worth which isn’t poverty level (yet).

quote:

Originally posted by tsmccull:
Must be more to the jumper story than meets the eye. Dude may have lost 90% of his stock value over time, but still had about $6M worth which isn’t poverty level (yet).

It's possible that he had been engaging in something like fudging numbers, embezzling money, insider trading, etc., and the house of cards was about to come tumbling down.

Or perhaps he was just mentally ill, or going through personal issues, and his suicide had nothing to do with the business' difficulties.

Makes me wonder what Bed Bath & Beyond was up to?

Arnal sold 55,013 shares in Bed Bath & Beyond in multiple transactions on Aug. 16-17, Reuters' calculations showed based on SEC filings. The sales amounted to about $1.4 million, and Arnal still had almost 255,400 shares remaining.

On Aug. 23, the company, Arnal and major shareholder Ryan Cohen were sued 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 class action lawsuit listed Arnal as one of the defendants and was brought by a group of shareholders who claimed they lost around $1.2 billion.

Last week, Bed Bath & Beyond said it would close 150 stores, cut jobs and overhaul its merchandising strategy in an attempt to turn around its money-losing business.

https://finance.yahoo.com/news...unges-134524108.html

quote:

Originally posted by tsmccull:
Must be more to the jumper story than meets the eye. Dude may have lost 90% of his stock value over time, but still had about $6M worth which isn’t poverty level (yet).

There has been speculation that when he, as Chief Financial Officer, sold his shares, it was the start of others dumping their stock in BBB. Jelly mentioned Ryan Cohen; days after Arnal, Cohen dumped his entire holdings (12%) in BBB. Another investor, college student Jake Freeman, who owned 6% of BBB, sold out as well. Stock price tumbled, leading to store closures and layoffs.

Maybe if they still had My Pillow products in lineup could have soften his landing.

quote:

Or perhaps he was just mentally ill, or going through personal issues, and his suicide had nothing to do with the business' difficulties.

^^^^^^^^^^^^^^^^^^^
Most people do not kill themselves due to failing businessses, particularly if they are not facing criminal charges. If so, we would have many fewer people in jail. Untreated depression is the likely cause.

Lots of 'speculation' here...And we still don't have link about the CFO's presumptive suicide!

quote:

Originally posted by Jelly:
Arnal sold 55,013 shares in Bed Bath & Beyond in multiple transactions on Aug. 16-17, Reuters' calculations showed based on SEC filings. The sales amounted to about $1.4 million, and Arnal still had almost 255,400 shares remaining.

On Aug. 23, the company, Arnal and major shareholder Ryan Cohen were sued 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 class action lawsuit listed Arnal as one of the defendants and was brought by a group of shareholders who claimed they lost around $1.2 billion.

Even at $9/share, those 255,400 shares are worth nearly $2.3 million. Hope his family doesn't get to keep his dirty money.

quote:

Arnal would be remembered for his leadership abilities and talent.

"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," Edelman said. "Our focus is on supporting his family and his team and our thoughts are with them during this sad and difficult time."

On Wednesday, Bed Bath & Beyond announced a plan to re-energize the company after a period of sinking sales and leadership changes. The New Jersey-based retailer said it would cut its workforce by 20% and shutter roughly 150 stores.

Remembered for his shitty leadership and talent? Obviously, if they're cutting 20% of their workforce and 150 stores, the dead guy wasn't very good at what he did. Ray Charles could've fucked it up just as equally and he's blind and dead.

Why do these C suite people keep fucking up and always find some place to land for another position to get paid millions upon millions of dollars?

quote:

Originally posted by Edmond:
Why do these C suite people keep fucking up and always find some place to land for another position to get paid millions upon millions of dollars?

Same shit should be asked of the sports team coaches that keep getting fired then hired from teams to teams. And, same with news anchors.

He left Bed, Bath, and Beyond for sidewalk, curb, and gutter.

At least he had concrete plans.

Did he know Jeffrey Epstein?

quote:

Originally posted by Edmond:

Why do these C suite people keep fucking up and always find some place to land for another position to get paid millions upon millions of dollars?

I see what you did there

Maybe Vladimir had shares in BB&B.

Gravity will set you free

Maybe got as many 20% off coupons in the mail as the rest of us?