Bed Bath & Beyond confirms the death of CFO Gustavo Arnal

The home goods retailer did not immediately respond to requests for comment on the circumstances surrounding Mr Arnall’s death.

Police responded Friday afternoon to a 911 call about an unconscious person near a skyscraper on Manhattan’s West Side, according to a statement from the New York Police Department. Upon arrival, officers found a person they identified as Gustavo Arnal, 52, who appeared to be suffering from injuries indicative of a fall from a height and was pronounced dead at the scene by emergency personnel, police said in a statement.

The city medical examiner will determine the cause of death, and the police investigation is ongoing, the statement said.

The skyscraper at 56 Leonard Street, known as the Jenga Tower, is a 57-story apartment building located in the Tribeca neighborhood of Manhattan. The building is known for its shape, with irregularly arranged apartments stacked on top of each other.

The New York Post previously reported on the situation.

A man, identified as Gustavo Arnal, 52, died Friday after falling from the skyscraper at 56 Leonard Street, known as the Jenga Tower.


photo:

Gary Hershorn/Getty Images

Mr. Arnal, 52, who joined the retailer in 2020 amid the coronavirus pandemic, spoke to investors last week about the company’s efforts to help shore up financing and restructure operations. He previously served as CFO at Avon and

Procter and Gamble Co.

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

The company said so last week will close approximately 20% of its storeshas cut its workforce and injected fresh cash to stabilize the business as the holiday season approaches.

Mr. Arnal was involved in accelerating the efforts of the trade chain to free up money for the business. The company introduced a revamped model that required less inventory to fill the shelves under his watch.

Bed Bath & Beyond fought under strategy introduced by former CEO Mark Tritton to replace popular brands with private labels. Mr Tritton left the company in June. Last week, the company said it would focus more on national brands after spending millions to develop private label goods.

The company used up cash reserves over several quarters. The shares of the company got hit on Aug 18when billionaire activist investor Ryan Cohen unloaded his entire stake in the company, about five months after he initially acquired his shares.

On August 31, the company announced this secured $500 million in new financing. It also said it would cut its workforce and close underperforming stores.

Mr. Arnal has a bachelor’s degree in mechanical engineering from Universidad Simón Bolívar in Venezuela and a master’s degree in finance from Universidad Metropolitana in Venezuela, according to the company’s website.

Mr. Arnall joined Bed Bath & Beyond in April 2020 after serving as CFO of cosmetics maker Avon and in overseas leadership roles at Procter & Gamble. At the time, a Bed Bath & Beyond spokesman said his deep knowledge of retail and consumer goods would help accelerate transformation plans. He earned a salary of $775,000 before stock awards, securities filings show.

After years of declining sales, Bed Bath & Beyond is facing an existential crisis. The WSJ’s Suzanne Kapner explains why the company has fallen on hard times and looks forward to what’s next for the veteran retailer. Photo illustration: Laura Kammermann/WSJ

Write to Ginger Adams Otis at [email protected] and Ryan Felton in [email protected]

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