Bedbath & Beyond shares plunge after CFO’s sudden death

The distressed retailer’s chief financial officer, Gustavo Arnal, died after jumping from a Manhattan high-rise apartment on Friday afternoon, law enforcement sources previously told CNN.The NYPD said in a statement Sunday, 52. Arnal, 18, said he was found unconscious and unresponsive outside his luxurious 57-story skyscraper near Tribeca.

A law enforcement source told CNN on Sunday that Arnal’s wife witnessed him jump.

Bed Bath & Beyond (bbee) A spokesperson for the company said it was “deeply saddened by this shocking loss.” I would like to express my heartfelt condolences.”
“We are focused on supporting his family and his team and our thoughts are with them during this sad and difficult time. Please respect the family’s privacy,” Edelman said. Told. Arnal joined Bed Bath & Beyond in May 2020 following a career in finance at Avon. walgreens boots alliance (WBAs) When Procter & Gamble. (PG)

Amal was named as a defendant in a class action lawsuit accusing him, Ryan Cohen, and other major shareholders of engaging in a “pump and dump” scheme to artificially inflate the company’s stock price. The lawsuit was filed last month in the United States District Court for the District of Columbia.

The lawsuit alleges that Arnal et al. , alleging that stakeholders shared fake sales figures and plans to spin off the “Buy Buy Baby” brand to fuel a stock-buying frenzy.

Bed Bath & Beyond Appears severe financial turmoilThe company is trying to save itself and avoid bankruptcy by shrinking. The chain announced last week that it would lay off about 20% of its workforce, close about 150 stores and cut some of its houseware brands. The company also said it has secured more than $500 million in funding to improve its troubled financial situation.
If you or someone you know is struggling with suicidal ideation or mental health problems, call the National Suicide Prevention Lifeline (988) for a trained counselor or Visit the NSPL site.

— CNN’s Brynn Gingras, Liam Reilly, Ramisha Maruf and Samantha Beech contributed to this report.

Source: www.cnn.com

Leave a Reply

Your email address will not be published.