The death of the chief financial officer of Bed Bath & Beyond Inc, who fell from New York’s Tribeca skyscraper known as the “Jenga” tower on Friday afternoon, has been ruled a suicide, the New York City Medical Examiner’s Office said on Monday. New York.
The office said Gustavo Arnal, 52, died from “multiple” blunt force trauma. The suicide came days after the struggling retailer announced closing stores and laying off workers.
It also comes after Arnal and the company was sued on August 23 over allegations of artificially inflating the company’s share price in a “pump and dump” scheme, and the lawsuit alleges that Arnal sold its shares at a price highest after the scheme.
The company said it was “in the early stages of evaluating the complaint, but based on current knowledge, the company believes the claims are without merit.”
Arnal joined Bed Bath & Beyond in 2020. According to his LinkedIn profile, he previously worked as CFO for cosmetics brand Avon in London and spent 20 years at Procter & Gamble Co.
On Friday at 12:30 p.m. ET (1630 GMT), police responded to a 911 call and found a 52-year-old man dead near the building who sustained injuries from a fall. Police identified the man as Arnal. Bed Bath & Beyond confirmed his death in a press release on Sunday but gave no details.
The supermarket chain, once hailed as a “category killer” in home and bath goods, has seen its fortunes falter after a bid to sell more of its brand. Last week, Bed Bath & Beyond said it would close 150 stores, cut jobs and review its merchandising strategy to turn around its money-losing business.
He forecast a larger-than-expected 26% drop in same-store sales for the second quarter and said he would keep his baby-buying business, which he had put up for sale.