Gustavo Arnal, leader of Bed Bath & Beyond, American chain of home improvement stores, committed suicide by jumping from the balcony of a high-rise apartment. This was announced by the New York Police Department.
Arnal, 52, would have been seen by his wife throwing himself into the void from the 18th floor, leaving no farewell notes. At the moment there is no suspicion of any type of crime committed by Arnal. NYPD said the New York Medical Examiner’s Office will determine cause of death and the investigation remains ongoing.
Bed Bath & Beyond is “deeply saddened by this shocking loss,” said a company spokesperson in response to Arnal’s death. Independent Chairman of the Board of Directors of Bed Bath & Beyond, Harriet Edelman, said, “I would like to extend our sincere condolences to Gustavo’s family.” Edelman added: “Our focus is on supporting his family and his team and our thoughts are with them in this sad and difficult time. Please join us in respecting the privacy of the family ”.
Arnal joined Bed Bath & Beyond Inc. in May 2020 after a career in finance at Avon, Walgreens Boots Alliance and Procter & Gamble. Edelman said Arnal was “instrumental in leading the organization during the coronavirus pandemic, transforming the company’s financial foundations and building a strong and talented team. He was also an esteemed colleague in the financial community ”.
Black crisis for Bed Bath & Beyond
CNN reported this week that Bed Bath & Beyond is in deep crisis. The company is trying to save itself and avoid bankruptcy, with the dismissal of about 20% of employees, the closure of about 150 stores and the cutting of different brands of household items. The company also said it has secured more than $ 500 million in funding to support its difficult financial conditions. Arnal has been cited as a defendant in a lawsuit accusing him, Ryan Cohen and other large shareholders of putting in place a “pump and dump” scheme to artificially inflate the company’s stock price.
The lawsuit was filed on August 23 in the United States District Court for the District of Columbia. The lawsuit alleges that Arnal and others made misleading statements and omissions when they communicated the company’s strategic plans and financial condition to investors and delayed information on the holding and sale of their shares. The lawsuit also alleges that stakeholders provided balance sheets and business plans for the spin-off of the “Buy Buy Baby” brand to fuel a stock-buying frenzy.