US: Bed Bath & Beyond CFO's death ruled a suicide

He died from "multiple" blunt force trauma, the New York City Medical Examiner's Office said on Monday



Photo: Reuters
Photo: Reuters

By Reuters

Published: Tue 6 Sep 2022, 7:27 AM

The death of Bed Bath & Beyond Inc's chief financial officer, who fell from New York's Tribeca skyscraper (known as the "Jenga" tower) on Friday afternoon, has been ruled a suicide, the New York City Medical Examiner's Office said on Monday.

Gustavo Arnal, 52, died from "multiple" blunt force trauma, the office said.

The suicide came days after the struggling retailer announced it was closing stores and laying off workers.

It also comes after Arnal — as well as the company — were sued on August 23, over accusations of artificially inflating the firm's stock price in a "pump and dump" scheme, with the lawsuit alleging that he had sold off his shares at a higher price after the scheme.

The company said it was "in the early stages of evaluating the complaint, but based on current knowledge the company believes the claims are without merit".

Arnal joined Bed Bath & Beyond in 2020. He previously worked as CFO for cosmetics brand Avon in London, and had a 20-year stint with Procter & Gamble Co, according to his LinkedIn profile.

On Friday at 12.30pm local time, police responded to a 911 call, and found a 52-year-old man dead near the building who suffered injuries from a fall. Police identified the man as Arnal. Bed Bath & Beyond confirmed his death in a press statement on Sunday, but gave no details.

The big-box chain — once considered a so-called "category killer" in home and bath goods — has seen its fortunes falter, after an attempt to sell more of its own-brand goods.

Last week, the company said it would close 150 stores, cut jobs and overhaul its merchandising strategy, in an attempt to turn around its money-losing business.

It forecast a bigger-than-expected 26 per cent slump in same-store sales for the second quarter and said it would retain its buybuy Baby business, which it had put up for sale.

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