Bed Bath & Beyond's CFO Has Died After Falling From A 57-Story Skyscraper In New York
It comes as the company announced losses, closures and layoffs.
Bed Bath & Beyond's chief financial officer, Gustavo Arnal, has died after falling from a 57-story New York City skyscraper known as the "Jenga Tower."
On Sunday, September 4, CTV News reported that the CFO died on Friday afternoon after falling from the skyscraper located at 56 Leonard Street in Tribeca.
Police were called to the scene at around 12:30 p.m. on Friday and found a 52-year-old man dead near the building. He appeared to have suffered injuries from a fall.
CNN reports the man died after jumping from the 18th-floor balcony of his apartment in the luxury residential skyscraper. The report says while no suicide note was found, no criminality is suspected.
Police have not provided additional details about the circumstances leading to Arnal's death. The New York City Medical Examiner's Office is expected to determine the cause of death.
Arnal joined Bed Bath & Beyond in 2020 after working for other big-name brands like Avon, Walgreens and Procter & Gamble.
In the days before his death, the company announced plans to close stores, slash brands and lay off employees in an attempt to avoid bankruptcy.
It also predicted losses for the final quarter of 2022 and confirmed expectations for a 20% fall in sales this year.
Further, CTV reports that a recent lawsuit accuses Arnal of being involved in insider trading and fraud. He was reportedly being sued over accusations that he artificially inflated Bed Bath & Beyond's stock price in order to sell off shares at a higher price.
The 52-year-old was also accused of issuing misleading statements to investors.
The class action lawsuit, which listed him as one of the defendants, says the total damages were about $1.2 billion.
In a statement on September 4, Bed Bath & Beyond confirmed Arnal's death and said the organization is "profoundly saddened by this shocking loss."
"Gustavo will be remembered by all he worked with for his leadership, talent and stewardship of our Company," it said.
"Our focus is on supporting his family and his team and our thoughts are with them during this sad and difficult time."