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05th Sep 2022

Bed Bath & Beyond boss falls to his death from New York skyscraper

Dave Hanratty

The chain recently laid off 20 per cent of its staff

Gustavo Arnal, chief financial officer of American retail chain Bed Bath & Beyond, fell to his death from a New York City skyscraper last weekend.

The 52-year-old was discovered in an unconscious and unresponsive state outside his apartment building in Tribeca at approximately 12.30pm on 2 September.

A spokesperson for the New York Police Department noted that Arnal “appeared to suffer from injuries indicative from a fall from an elevated position”. Arnal was pronounced dead at the scene by emergency services.

According to CNN, it is understood that Arnal took his own life. A law enforcement source told the outlet that Arnal’s wife witnessed him leap from the 18th floor of the tower.

No suicide note was found, nor is foul play suspected.

Arnal had been working for the retail company since 2020, having previously been the chief financial officer for Avon in London.

Arnal’s death comes during a particularly difficult time for Bed Bath & Beyond, with the company having previously announced job cuts that will see around 20 per cent of corporate employees laid off. Close to 150 stores are expected to shut down as the chain seeks to stave off bankruptcy.

Arnal was named in a recent class action lawsuit that accused him and other shareholders of taking measures to artificially inflate the price of Bed Bath & Beyond’s stock.

The case, which was filed last month, alleges that Arnal and other defendants “knowing that the information they disclosed was false, took advantage of the inflated stock price and used fraudulent and misleading SEC filings to sell all their BBBY shares and options at artificially inflated prices to unsuspecting and innocent public investors and then retained control of the profits”.

Authorities have noted that the investigation into Arnal’s death is ongoing.

“The entire Bed Bath & Beyond Inc. organisation is profoundly saddened by this shocking loss,” said a company spokesperson on Sunday.

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