September 28, 2022

Mattress, Bath & Beyond CFO Identified As Man Who Lept To Death From Tribeca Skyscraper

Comes amid legal action alleging pump and eliminate scheme that cost investors $1. 2 billion.

The CFO of Bed, Bath and Beyond, Gustavo Arnal, has been identified as a man who jumped to his death from the sixty story “ Jenga Building” in Tribeca on Fri.

The 52 year old executive fell from the 18th floor of 56 Leonard Street on Friday and was recognized on Sunday morning by  the New York Blog post . The  Post  notes he had simply sold 42, 513 stocks of stock on Aug 16, netting a little over $1 million.  

In 2021, his total compensation was more than $2. 9 million, which included $775, 000 in salary.   He joined the company in 2020 after stints operating as  chief financial officer for Avon and as an executive for  Procter & Gamble, the report records.

Bed, Shower & Beyond has been on a roller coaster ride over the last month , which shares running up to as high as $28 per talk about just days ago on a “ meme stock” move. It then saw investor Thomas Cohen exit his place in the company, sending stocks plunging.

Within the days following, the company announced plans to try and reduce costs plus stave off bankruptcy, including a $500 million financing contract in order to help pay its vendors. It released a  statement   about its strategic plus business updates that will lead to store closures and a decrease of its workforce. Its plan includes closing approximately 150 lower-producing banner stores plus a  reduction of twenty percent of its workforce.    

The company also filed to sell shares from the common stock. “ We might offer, issue and sell gives of our common stock every once in awhile, ” a form S-3 shelf filing read just days ago.  

But the measures didn’t convince the street. As  we all wrote   on August 31, we talked with at least one institutional investing desk specializing in consumer discretionary who said they’ve basically given up on Bed Bath & Beyond and left the ‘ meme stock’ for the ‘ apes. ‘ 

Subsequently, both the industry’s debt and equity were downgraded.  

Analysts from Raymond James called the plan “ throwing the can down the road”, insinuating that it was just a matter of time before the struggling store faced bankruptcy. By the end associated with last week, the company’s stock experienced fallen back to single digits, closing with an $8 manage, down more than 65% through highs it set just days ago.  

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