Gustavo Arnal, Bed Bath & Beyond’s chief financial officer, died on Friday, according to a company press release. The New York Police Department confirmed Arnal fell from his balcony. The exact cause of death is still under investigation by the medical examiner's office, the NYPD said to Retail Dive.
Arnal, 52, became Bed Bath & Beyond’s CFO in May 2020, replacing Robyn D’Elia. Prior to joining the home goods retailer, he served as group CFO of Avon where he helped lead the company’s turnaround. Arnal also held roles at Walgreens Boots Alliance and Procter & Gamble.
"I wish to extend our sincerest condolences to Gustavo's family. Gustavo will be remembered by all he worked with for his leadership, talent and stewardship of our Company. 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," Harriet Edelman, independent chair of the Bed Bath & Beyond Inc. board of directors, said in a statement. "Our focus is on supporting his family and his team and our thoughts are with them during this sad and difficult time. Please join us in respecting the family's privacy."
Bed Bath & Beyond, which has faced falling sales and traffic declines, on Wednesday laid out a new plan in hopes of turning its business around. Through that plan the retailer said it would lay off about 20% of its corporate and supply chain staff, close more than 150 stores and discontinue three of its nine private labels in favor of national brands.
The home retailer also said it secured $500 million in new financing, including its recently expanded $1.13 billion ABL and a new $375 million FILO facility. Bed Bath & Beyond also announced it plans to sell up to 12 million in additional shares of common stock and use the proceeds to help pay down some of its debt.
Editor’s note: Stephanie Arnold contributed to this story.