Medical examiner says Bed Bath & Beyond CFO Gustavo Arnal committed suicide

Bed Bath and Beyond said on Sunday that the company’s chief financial officer, Gustavo Arnal, died on Friday after police earlier said Arnal had fallen to his death.

The New York City medical examiner’s office said Sunday night that the CEO died of multiple blunt trauma and that he committed suicide. Sources told WNBC that Arnal left no note or said anything to his wife, who was at home at the time.

“The entire Bed Bath & Beyond Inc. organization is deeply saddened by this horrific loss,” the company said in a statement.

Arnal, 52, fell Friday afternoon from a building in midtown Manhattan, police said. The famous skyscraper, known locally as the “Jenga Tower” or “The Jenga Building”, has more than 50 floors of uniquely stacked apartments.

Emergency Medical Services declared Arnal dead at the scene, according to a spokesperson for the New York Deputy Commissioner’s Office, the information office of the city police department.

Arnal joined Bed Bath in 2020 from London-based cosmetics company Avon, after the coronavirus pandemic began. He also spent 20 years at Procter & Gamble. In a Bed Bath statement on Sunday, the company noted that Arnal “has been instrumental in guiding the organization throughout the coronavirus pandemic.”

Since joining Bed Bath, Arnal has made numerous purchases and sales of company stock. Last month, he sold more than 55,000 shares at prices ranging from $20 per share to $29.95 per share, for a total of $1.23 million, according to one of the documents. These sales were made as part of a business plan he had signed in April. The document also indicated that he still owns 255,396 shares after those recent sales.

Bed Bath stock is down 43% this year — and about 90% from an all-time high.

Arnal passed away two days after the company announced plans to close 150 of its “lower-production” stores of the same name. The New Jersey-based company said it would cut 20% of its staff and added that it had secured more than $500 million in new financing, including a loan.

The cost-cutting measures come as Bed Bath’s core business continues to struggle. The company revealed a continued slowdown in sales Wednesday, with same-store sales down 26% for the three-month period ending August 3. 27 – a larger decrease than in previous quarters.

Some analysts say that while the turnaround plan announced Wednesday will improve the company’s liquidity position, it will not be enough to save Bed Bath’s business. Raymond James downgraded the stock on Thursday, saying cost cuts and new funding “only drives the can down the road.”

Bed Bath is one of the public companies that has been swept up in the so-called “meme trade,” which sees stocks see sharp price swings based on social media hype among retail investors. In August, Bed Bath went through several days with price movements of more than 20%.

In mid-August, activist investor Ryan Cohen, a major shareholder in Bed Bath, exited his position. Cohen’s RC Ventures sold its Bed Bath properties at prices ranging from $18.68 per share to $29.22 per share. After the sale, the stock fell 40%.

Bed Bath is also facing a class-action lawsuit recently filed in the District of Columbia, accusing it of misrepresenting its value and profitability. Arnal was named in the suit, as was Cohen.

Bed Bath told CNBC he would not comment on the lawsuit. In the SEC file from Aug. 31, the company indicated that it was “evaluating the complaint” but based on current knowledge, it believes the allegations were “baseless”.

If you have suicidal thoughts, contact them Suicide and crises lifeline at 988 for support and assistance from a trained advisor.

– Additional reporting by CNBC’s Dan Mangan.