The chief financial officer of Bed Bath & Beyond Inc. died on Friday after falling from the “Jenga” tower in New York’s Tribeca neighborhood, and his death was ruled a suicide by the New York City Medical Examiner’s Office on Monday.
According to the coroner’s report, Gustavo Arnal, 52, died from “multiple” blunt force trauma.
The death occurred just days after the financially-strapped retailer announced shop closures and layoffs.
On August 23, both Arnal and the company were sued for allegedly engaging in a “pump and dump” scam in which they artificially inflated the stock price of the company before Arnal sold off his shares at a higher price.
“Based on current knowledge the company believes the charges are without validity,” the firm stated when asked about the complaint.
Arnal started working at Bed Bath & Beyond in the year 2020. According to his LinkedIn profile, he has worked as the chief financial officer for Avon, a cosmetics company, in London, and has spent the better part of the last two decades at Procter & Gamble Co.
The man, 52 years old, was discovered by police near the building on Friday at 12:30 p.m. ET (1630 GMT) after they reacted to a 911 call reporting a fall. The individual was named Arnal by the police. In a press release issued on Sunday, Bed Bath & Beyond confirmed his passing but did not provide further information.
The big-box retailer’s fortunes have declined since it made an effort to offer more of its own-brand goods, even though it was previously hailed as a “category killer” in home and bath products.
Bed Bath & Beyond, which has been losing money for some time, announced last week that it would be closing 150 shops, laying off employees, and changing its whole marketing strategy.
It stated it will keep its buybuy Baby company, which it had put up for sale, and predicted a larger-than-expected 26% drop in same-store sales for the second quarter.
Mahnur is MS(development Studies)Student at NUST University, completed BS Hons in Eng Literature. Content Writer, Policy analyst, Climate Change specialist, Teacher, HR Recruiter.
