Signage exterior a Mattress Bathtub & Past retail retailer in New York, Aug. 25, 2022.
Gabby Jones | Bloomberg | Getty Photographs
Mattress Bathtub & Past on Sunday confirmed that its chief monetary officer Gustavo Arnal died over the weekend, after police had mentioned earlier that Arnal fell to his demise. Investigators imagine Arnal’s fall was intentional, however he left no observe behind and didn’t say something to his spouse, who was residence on the time, sources told WNBC.
“The complete Mattress Bathtub & Past Inc. group is profoundly saddened by this stunning loss,” the company said in a statement.
Arnal, 52, fell Friday afternoon from a constructing in downtown Manhattan, in line with police. The long-lasting skyscraper, identified domestically because the “Jenga Tower” or the “Jenga Constructing,” has greater than 50 flooring of uniquely stacked residences.
Emergency Medical Companies declared Arnal deceased on the scene, in line with a spokesperson from New York’s Workplace of the Deputy Commissioner, the general public data workplace for town’s police division.
A NYPD spokesperson tells CNBC it’s as much as the Medical Examiner’s Workplace to make a closing dedication about the reason for demise. At this stage, the investigation stays ongoing.
Arnal joined Mattress Bathtub in 2020 from London-based cosmetics firm Avon, simply after the beginning of the coronavirus pandemic. He additionally spent 20 years at Procter & Gamble. In Mattress Bathtub’s assertion on Sunday, the corporate famous that Arnal “was instrumental in guiding the group all through the coronavirus pandemic.”
Since becoming a member of Mattress Bathtub, Arnal made a number of purchases and gross sales of firm inventory. Final month, he bought greater than 55,000 shares at costs starting from $20 per share to $29.95 per share, for a complete $1.23 million, according to a filing. These gross sales have been made as a part of a buying and selling plan he had signed in April. The doc additionally famous he nonetheless held 255,396 shares after these newest gross sales.
Mattress Bathtub’s latest struggles
Mattress Bathtub’s inventory is down 43% this yr — and about 90% from its all-time excessive.
Arnal died days after the corporate announced plans to close 150 stores of its “lower producing” namesake stores. The New Jersey-based retailer also said it would be cutting 20% of its staff and added that it had secured more than $500 million in new financing, including a loan.
The cost-cutting measures come as Bed Bath’s core business continues to struggle. The company disclosed continuing slowing sales on Wednesday, with same-store sales dropping 26% for the three-month window ended Aug. 27 — a bigger drop than in previous quarters.
Some analysts say that while the turnaround plan announced Wednesday will improve the company’s liquidity position, it won’t be sufficient to save Bed Bath’s business. Raymond James downgraded the stock Thursday, saying that the cost cuts and new financing “only kicks the can down the road.”
Bed Bath is one of the public companies swept up in the so-called “meme trade,” which sees stocks experience wild price swings based on social media hype among retail investors. In August, Bed Bath had multiple days with price moves of more than 20%.
In mid-August, activist investor Ryan Cohen, a major Bed Bath shareholder, exited his position. Cohen’s RC Ventures sold its Bed Bath holdings at a range of prices between $18.68 per share and $29.22 per share. After the sale, the stock plummeted 40%.
Bed Bath also faces a class action lawsuit recently filed in the District of Columbia, accusing it of misrepresenting its value and profitability. Arnal is named in the suit, as is Cohen.
Bed Bath told CNBC that it would not comment on litigation. In an SEC filing from Aug. 31, the corporate famous that it was “evaluating the criticism” however that primarily based on present data, it believed the claims have been “with out benefit.”
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— Further reporting by CNBC’s Dan Mangan.