Gustavo Arnal, chief financial officer of Bed Bath & Beyond, has died in Manhattan.

A sign outside a Bed Bath & Beyond retail store in New York on August 25, 2022.

Gabby Jones | Bloomberg | Getty Images

Bed Bath & Beyond on Sunday confirmed that its chief financial officer, Gustavo Arnal, had died over the weekend after police said earlier that Arnal had crashed to his death.

“The entire organization of Bed Bath & Beyond Inc. deeply saddened by this shocking loss.” the company said in a statement.

Arnal, 52, fell out of a building in midtown Manhattan Friday afternoon, according to police. The iconic skyscraper known as “Jenga Tower” or “Jenga Building” has over 50 floors of unique apartments.

The emergency medical service pronounced the victim dead at the scene, said a spokesman for the New York office of the Deputy Commissioner, Public Information Division of the City Police Department. The New York Medical Examiner’s Office will determine the cause of death. At this stage, the investigation is ongoing.

Since joining Bed Bath in 2020, Arnal has made several purchases and sales of shares in the company. He sold over 55,000 shares last month for $1.23 million. according to the statementwhich stated that he still had 255,396 shares at the time.

Shares in Bed Bath are down 43% this year – about 90% from their all-time highs.

Arnal, who also worked for 20 years at Procter & Gamble, passed away days after the company announced plans to close 150 of its “low-production” eponymous stores. The New Jersey-based retailer also said it would cut 20% of its staff and added that it had received more than $500 million in new financing, including a loan.

Cost-cutting measures are being taken as Bed Bath’s core business continues to struggle. On Wednesday, the company reported a continued slowdown in sales, with same-store sales falling 26% in the three-month period ended Aug. 27, more than in previous quarters.

Some analysts say that while the restructuring plan announced on Wednesday will improve the company’s liquidity, it won’t be enough to save Bed Bath’s business. Raymond James downgraded the stock on Thursday, saying the spending cuts and new funding “only kick the bank down the road.”

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This is an evolving story. Please stay tuned for updates.

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