It is being reported by the New York Post that Gustavo Arnal, the chief financial officer of Bed Bath & Beyond (NASDAQ: BBBY), has been identified as the person whom jumped off the 18th floor of a Manhattan office building.
Arnal’s death follows the news from two days prior that the company would be closing up to 150 locations and cutting 20% of corporate and supply chain positions as it looks to rebuild its failing business. The retailer also intends to cut its expenditures by $250 million through the current fiscal year, while capital spending has also been reduced substantially.
Net sales meanwhile are forecasted to decline by 26% on a year over year basis in the coming quarter, with free cash flow coming in at negative $325 million. The cash burn lead the company to file for an at-the-market financing that would see the firm sell up to 12 million common shares, which comes as the firm sees its stock price return to single digits.
Arnal had a short stint at the firm, having joined the company in 2020 after serving as the CFO for Avon, a cosmetics firm, prior to which he spent two decades at Proctor and Gamble. He was 52.
Information for this briefing was found via the New York Post and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
