Bed Bath & Beyond Shares Down 18% No CFO Dies By Suizid

Topline

Shares of struggling retailer Bed Bath & Beyond traded sharply lower on Tuesday following the death of chief financial officer Gustavo Arnal over the weekend, which was later ruled as a suicide by the New York City Medical Examiner’s Office.

Schlëssel Fakten

Bed Bath & Beyond’s stock fell over 18% to around $7 per share on Tuesday, adding to recent losses a day after CFO Gustavo Arnal’s death was ruled a suicide by medical examiners.

Arnal died Friday after riskéiert from a skyscraper in New York’s Tribeca neighborhood, local police and Bed Bath & Beyond confirmed over the weekend.

Den Händler gesot on Sunday it was “profoundly saddened by this shocking loss,” crediting Arnal as “instrumental in guiding the organization throughout the coronavirus pandemic.”

The CFO’s death comes just days after Bed Bath & Beyond’s strategic update last week, when the company announced it would save roughly $250 million in costs by closing 150 stores and laying off 20% of staff.

The home goods retailer, which has faced inventory struggles and declining sales this year, had also recently secured over $500 million in nei Finanzéierung—to pay down existing debt and shore up cash levels—from JPMorgan and Sixth Street Partners.

Bett Bath & doriwwer eraus ugekënnegt in new filings on Tuesday morning that, following Arnal’s death, chief accounting officer Laura Crossen would be appointed as interim CFO.

Schlësselhannergrond:

Bed Bath & Beyond shares have swung wildly this year, once again considered a favorite of the meme stock crowd in recent months. Despite jumping over 60% in August, the stock is still down over 50% so far in 2022, with losses outpacing the broader market. Shares surged in early August as retail investors from forums like Reddit’s WallStreetBets bought up shares, but tanked once again on August 18, when GameStop chairman and activist investor Ryan Cohen sold his roughly 10% stake in the company. The stock has continued to remain volatile since, especially as details about new financing and cost cuts have emerged in recent weeks.

Wat fir ze kucken:

Arnal was one of several people, notably along with Ryan Cohen, named in a recent class action alleging a “pump and dump” scheme to artificially inflate Bed Bath & Beyond’s stock price. The lawsuit, filed on August 23 in the U.S. District Court for the District of Columbia, accuses Cohen of approaching Arnal about a mutually beneficial plan to boost shares of the company in the short term so that they could both profit.

Wann Dir oder een deen Dir kennt iwwer Suizid denkt, rufft w.e.g. National Suicide Prevention Lifeline um 800-273-SCHWÄTZEN (8255) oder SMS d'Kris Text Linn op 741-741.

Weiderliesen:

Bett Bath & Beyond CFO stierft nodeems se aus New York Skyscraper gefall sinn (Forbes)

Bett Bath & Beyond Tanks Bal 30% Wéi et Entloossungen a Buttekschluss annoncéiert (Forbes)

Bed Bath & Beyond Aktien sprange bal 15% nodeems d'Firma gemellt huet nei Finanzéierung geséchert (Forbes)

Bett Bath & Beyond fällt iwwer 40% nodeems den Investisseur Ryan Cohen säi ganzt Aktionär verkeeft (Forbes)