Bed Bath & Beyond finance chief falls to his death in NY

Authorities in New York City have confirmed the death of Bed Bath & Beyond's chief financial officer.

Police say 52-year-old Gustavo Arnal fell from a Manhattan skyscraper known as the "Jenga" tower on Friday.

Mr Arnal joined the company in May 2020 during the pandemic, and previously worked at cosmetic brand Avon and consumer goods giant Procter & Gamble.

The big-box chain in the US has been facing financial trouble, recently announcing store closures and job cuts.

Shares in the company have been volatile, being viewed as a "meme" stock driven by social media buzz rather than traditional economic sentiment.

"The entire Bed Bath & Beyond organization is profoundly saddened by this shocking loss," said Harriet Edelman, chair of the board at the company.

"Gustavo will be remembered by all he worked with for his leadership, talent and stewardship of our company," she said.

"I am proud to have been his colleague, and he will be truly missed by all of us at Bed Bath & Beyond and everyone who had the pleasure of knowing him."

Bed Bath & Beyond made headlines recently after activist investor Ryan Cohen announced in late August that he was abruptly selling all of his stock in the company.

Mr Arnal and Mr Cohen have been named in a lawsuit which has been filed against Bed, Bath & Beyond by shareholders. It claims that the company's share price had been recently artificially inflated and Bragar Eagel & Squire, the law firm leading the class action, alleges: "Insiders profited at least $110m from their insider sales."

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

The home and bath goods company has been struggling for some time due to a slump in sales and growing debt. The retailer has warned of a 26% drop in same-store sales between April and June.

Bed Bath & Beyond also fired its Chief Executive Officer Mark Tritton as part of a management shake-up and announced Sue Gove to serve as its interim chief executive.

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