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By Online Desk
Gustavo Arnal, Chief Financial Officer of Bed Bath & Beyond, plunged to his death from the 18th floor of a famous tower after his company recorded heavy losses on Friday, reports said.
Emergency service calls regarding someone jumping at 56 Leonard Street were recorded at around 12:30 pm according to a spokeswoman for the New York Police Department.
The American retail chain Bed Bath & Beyond had been hugely struggling following the aftershocks of Covid-19 with high inflation and a sinking economy, Daily Mirror reported.
The company announced plans to close 150 stores, of its roughly 900, and sack 20 percent of staff just two days before Mr Arnal’s death, the report added.
The announcement cause the business to lose nearly a quarter of its on Wednesday.
He reportedly sold over 42,000 shares in the company for $1million just over two weeks ago, according to MarketBeat.com.
But at the time of his death, he still owned around $6.5million in shares.
Arnal had only been with the company for two years and previously held the same role at British cosmetics giant Avon and had a 20-year career working overseas leading Procter & Gamble.
Beth, Bath & Beyond said it had secured $500 million in new financing but shares continued to plunge and fell as much as 25 percent in one mornings trading.
Gustavo Arnal, Chief Financial Officer of Bed Bath & Beyond, plunged to his death from the 18th floor of a famous tower after his company recorded heavy losses on Friday, reports said.
Emergency service calls regarding someone jumping at 56 Leonard Street were recorded at around 12:30 pm according to a spokeswoman for the New York Police Department.
The American retail chain Bed Bath & Beyond had been hugely struggling following the aftershocks of Covid-19 with high inflation and a sinking economy, Daily Mirror reported.
The company announced plans to close 150 stores, of its roughly 900, and sack 20 percent of staff just two days before Mr Arnal’s death, the report added.
The announcement cause the business to lose nearly a quarter of its on Wednesday.
He reportedly sold over 42,000 shares in the company for $1million just over two weeks ago, according to MarketBeat.com.
But at the time of his death, he still owned around $6.5million in shares.
Arnal had only been with the company for two years and previously held the same role at British cosmetics giant Avon and had a 20-year career working overseas leading Procter & Gamble.
Beth, Bath & Beyond said it had secured $500 million in new financing but shares continued to plunge and fell as much as 25 percent in one mornings trading.
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