Things aren’t finding out about for Bed, Bath & Beyond (BBBY) .
As the home goods retailer is struggling never to disappear, tragedy has struck: its Chief Financial Officer (CFO) had allegedly just committed suicide.
Based on the NY Post, a guy jumped to his death from the new skyscraper referred to as the Jenga Building”in the Tribeca neighborhood of Manhattan.It really is Gustavo Arnal, 52, who allegedly jumped from the 18th floor of the building on Sept. 2, says the newspaper citing police sources.
The business later confirmed the death of its CFO:”Bed Bath & Beyond today announced that Gustavo Arnal, Executive Vice President and Chief Financial Officer of the business, passed on on September 2, 2022. The complete Bed Bath & Beyond Inc. organization is profoundly saddened by this shocking loss.”
“Gustavo will undoubtedly be remembered by all he caused for his leadership, talent and stewardship of our company. I’m proud to possess been his colleague, and he’ll be truly missed by most of us at Bed Bath & Beyond and everyone who had the pleasure of knowing him,” said Harriet Edelman, Independent Chair of Board of Directors.
“Our focus is on supporting his family and his team and our thoughts are using them in this sad and difficult time. Please join us in respecting the family’s privacy.”
On the business’s website, Arnal gets the title of “Executive Vice President, Chief Financial Officer.”
“Mr. Arnal joins the business in 2020 from Avon, a respected direct-selling beauty company where he helped lead an effective business turnaround effort,” his biography said. “Ahead of Avon, Mr. Arnal was CFO, International Divisions and Global Functions at Walgreens Boots Alliance.”
He also worked forProcter & Gamble as CFO of India, Middle East and Africa, CFO Global Fabric and Home Care, and CFO Global Personal Beauty.
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Arnal onAug. 16 sold 42,513 Bed, Bath & Beyond shares for $1.42 million, in accordance with a filing with the U.S. Securities and Exchange Commission. Then on Aug. 17, he sold 12,500 additional shares for $255,396. Altogether, he raised $1.67 million for these transactions. Arnal still had roughly 255,400 shares remaining.
Arnal is among the parties cited in a class action suit for securities fraud filed on August 23 in federal court in Washington D.C. The plaintiffs accuse the defendants including Bed, Bath & Beyond of experiencing participated in artificially inflating the business’s share price.
The sad news comes asBBBY has just announced a turnaround plan which disappointed investors. Arnal was among the executives who presented the facts of the turnaround intend to investors and analysts.
KEEP YOUR CHARGES DOWN
The house good retailer announced the potential launch of an at-the-market offering program for 12 million shares of common stock. Last quarter, Bed Bath & Beyond reported total debt of $3.27 billion and a debt-to-equity ratio of -23.47. This means that that the business’s liabilities exceed its assets.
In accordance with Bloomberg, some suppliers have previously paused shipments to Bed Bath & Beyond following the company delayed some payments.
The business will close approximately 150 lower-producing Bed Bath & Beyond stores and lay off about 20% of its employees. It hopes to lessen selling, general, and administrative expenses by $250 million for fiscal 2022, in comparison to a previous forecast of $400 million.
In addition, it secured $500 million in new debt financing. However the firm made a decision to keep its Buybuy Baby business when investors hoped that the chain would sell it.
“We have been working swiftly and diligently to strengthen our liquidity and secure our path for future years. We’ve taken an intensive look at our business, now, we have been announcing immediate actions aimed to improve customer engagement, drive traffic, and recapture market share,” said at that time interim CEO Sue Gove. “This consists of changing our merchandising and inventory strategy, which is rooted in National Brands. Additionally, we have been centered on driving digital and foot traffic, along with optimizing our store fleet.”