The chief financial officer of the embattled retail chain Bed Bath & Beyond died Friday in what New York City police said seems to have been a suicide. The body of Gustavo Arnal, 52, was found near the skyscraper where he lived, the New York Times reports, and police said his injuries indicated he'd fallen from a high elevation. He was pronounced dead on the scene. "Gustavo will be remembered by all he worked with for his leadership, talent and stewardship of our Company," Harriet Edelman, the independent chair of Bed Bath & Beyond's board, said Sunday in a statement, per the AP.
Bed Bath & Beyond announced Wednesday that it was closing 150 stores, and Arnal spoke to investors that day about the company's financial struggles and planned changes. About 20% of employees in the corporate office and throughout supply chain operations are to be laid off. Shares are off 43% in 2022, per CNBC, and about 90% from their all-time high. The company has faced pressure from several directions in the past few years, per the Times, as it tried to bolster its supply chain operations during the pandemic. At the same time, two groups of activist investors were making their influence felt. Arnal, who joined Bed Bath & Beyond two years ago, has been named in a shareholder lawsuit, along with the company. (More Bed Bath & Beyond stories.)
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