U.S. News

Bed Bath & Beyond exec, 52, identified as man who jumped to his death from 18th floor of NYC tower

The man who jumped to his death from the 18th floor of the well-known 57-story ‘Jenga’ tower in decrease Manhattan’s Tribeca neighborhood Friday has been identified as a Bed Bath & Beyond government.

Gustavo Arnal, 52, was the Chief Financial Officer of Bed Bath & Beyond, a company that has been going by struggles of late due to excessive inflation and a sagging economic system. The company introduced plans to shut 150 shops, of its roughly 900, and lay off 20 % of company and  workers simply two days earlier than Arnal’s death.

He reportedly offered over 42,000 shares within the company, oft-identified as a ‘meme stock’, for $1million simply over two weeks in the past, in accordance to MarketBeat.com.

At the time, he nonetheless owned 267,896 shares within the company, valued at just below $6.5million. 

Arnal moved to Bed Bath & Beyond in 2020 from London-based cosmetics large Avon and had spent 20 years at Proctor & Gamble.  

Gustavo Arnal was the Chief Financial Officer of Bed Bath & Beyond, a company that has been going by struggles of late 

Arnal jumped to his death from the 18th floor of a 57-story building in Manhattan's Tribeca neighborhood Friday

Arnal jumped to his death from the 18th floor of a 57-story constructing in Manhattan’s Tribeca neighborhood Friday

The city's EMS officials responded to the building, which was constructed in the late 2010s and has a unique 'Jenga'-style design, at around 12:30pm

The metropolis’s EMS officers responded to the constructing, which was constructed within the late 2010s and has a singular ‘Jenga’-style design, at round 12:30pm

Calls regarding the jump at 56 Leonard Street near Church Street came in at around 12:30pm, according to a spokeswoman for the NYPD

Calls concerning the soar at 56 Leonard Street close to Church Street got here in at round 12:30pm, in accordance to a spokeswoman for the NYPD

Calls concerning the soar at 56 Leonard Street close to Church Street got here in at round 12:30pm Friday, in accordance to a spokeswoman for the NYPD. Arnal was identified as the jumper on the 56 Leonard Street constructing – the place residences go for up to $50million – on Friday afternoon, in accordance to the New York Post.  

Bed Bath & Beyond – as soon as thought-about a so-called ‘class killer’ in residence and bathtub items – has seen its fortunes falter, with CEO Mark Tritton fired in June after gross sales plunged 25 % within the first quarter. 

The company employed Sue Gove, an unbiased board director, to change him on an interim foundation.

On Wednesday, Gove stated the retailer was ‘persevering with to see vital constructive momentum’ and supposed to build its ‘deep heritage as a retailer.’ 

‘While there may be a lot work forward, our highway map is evident and we’re assured that the numerous modifications we have introduced immediately can have a constructive affect on our efficiency’ she stated on a convention name. 

Bed Bath & Beyond announced plans to close 150 stores of its roughly 900 and lay off 20 percent of corporate and supply chain staff

Bed Bath & Beyond introduced plans to shut 150 shops of its roughly 900 and lay off 20 % of company and provide chain workers

Shares of Bed Bath & Beyond dropped sharply on Wednesday following the news

Shares of Bed Bath & Beyond dropped sharply on Wednesday following the information

The retailer additionally introduced a plan to increase money by issuing new shares and stated it had secured $500 million in new financing — however buyers took a dim view of the strategic plan, and shares fell as a lot as 25 % in morning buying and selling.

Traders on the Reddit discussion board WallStreetBets, who have cheered the stock in latest weeks, reacted with a combination of stoicism and despair.

‘I simply wished make money with none effort. why I’ve to endure like this? why?’ wrote one consumer on the discussion board.

In Wednesday’s replace, Bed Bath & Beyond additionally forecast a bigger-than-expected 26 % stoop in same-store gross sales for the second quarter and stated it could retain its buybuy Baby business, which it had put up on the market.

The efforts to promote buybuy Baby had been inspired by GameStop Chairman Ryan Cohen, the company’s largest investor till this month when he offered out of his 9.8 % stake, sending shares plummeting.

Once identified for offering many patrons with 20%-off coupons, Bed Bath & Beyond revamped its merchandise lately to concentrate on private-label merchandise together with its Our Table model cookware.

The chain is now ditching that technique, nixing three of its non-public label manufacturers, and reprioritizing nationwide manufacturers with labels together with Calphalon, Ugg, Dyson, and Cuisinart underpinning that technique, executives stated on a convention name.

Executives stated Bed Bath & Beyond is reducing about 20 % of its company and provide chain workforce, and eliminating its chief working officer and chief shops officer roles. The company has about 32,000 staff general.

Meanwhile, Snap CEO Evan Spiegel advised workers in a memo on Wednesday that advert gross sales weren’t maintaining with earlier projections and introduced plans to reorganize and minimize roughly 20 % of the company’s 5,600 staff. 

Snap CEO Evan Spiegel told staff in a memo on Wednesday that ad sales were not keeping up with projections and announced plans cut staff by roughly 20 percent

Snap CEO Evan Spiegel advised workers in a memo on Wednesday that advert gross sales weren’t maintaining with projections and introduced plans minimize workers by roughly 20 %

‘Unfortunately, given our present decrease rate of income development, it has grow to be clear that we should scale back our value structure to keep away from incurring vital ongoing losses,’ Spiegel wrote. 

Snap will shut down formidable initiatives, together with cell video games and novelties like a flying drone digicam, serving to the company save an estimated $500 million in prices yearly, the company stated.

Investors authorized of the transfer, with shares of Snap rising as a lot as 15 % in morning buying and selling. 

Spiegel stated Snap was restructuring its business to concentrate on group development, income development and augmented actuality. 

Anything that does not contribute to these three areas ‘can be discontinued or obtain considerably lowered funding,’ Spiegel stated.

Arnal’s stock dump got here the identical day a 20-year-old school scholar made $110million by promoting all of his Bed Bath and Beyond stock – however he did so simply earlier than the retailer’s stock value slumped 23 per cent after its second-biggest shareholder indicated plans to promote his complete holding.

An applied mathematics and economics major at the University of Southern California, Jake Freeman, 20, made a $110million profit by selling all of his Bed Bath and Beyond stock on Tuesday, nearly a month after investing in five million company shares at $5.50 a share

An utilized arithmetic and economics main on the University of Southern California, Jake Freeman, 20, made a $110million revenue by promoting all of his Bed Bath and Beyond stock on Tuesday, practically a month after investing in 5 million company shares at $5.50 a share

Jake Freeman, an utilized arithmetic and economics main on the University of Southern California, invested in practically 5 million Bed Bath & Beyond shares at $5.50 a share in July, spending a complete of $25 million with the assistance of a rich pharmaceutical investor uncle. 

As a consequence, he turned a minority shareholder by proudly owning round six % of America’s largest houseware items specialty shops as it turned the most recent ailing retailer to see a surge in its worth thanks to the continuing ‘meme stock’ increase. 

That sees beginner buyers snap up stock in corporations seen as past-their-best, serving to to drive the share value up and making some fortunate stockholders who promote on the proper time tens of millions of {dollars}. 

Freeman, whose household resides within the New York City space, then roughly offered greater than $130million price of stock on August 16 equally to Arnal, after the retailer’s stock value surged to $27 a share. It has since crashed again down 23 per cent to $18.55-a-share at information of investor Ryan Cohen’s plans to promote. 

The constructing, situated at 56 Leonard Street within the modern Tribeca district, is topped with an impossible-looking jumble of misaligned flooring that make it appear like a teetering Jenga tower. 

The penthouse residence within the constructing went for $50million. 

The metropolis’s EMS officers responded to the incident and had been seen carrying the man’s physique off in a black bodybag. 

The city's EMS officials responded to the incident and were seen carrying the man's body off in a black bodybag

The metropolis’s EMS officers responded to the incident and had been seen carrying the man’s physique off in a black bodybag

The man, who has yet to be identified or named, was pronounced dead before leaving the scene

The man, who has but to be identified or named, was pronounced useless earlier than leaving the scene

A second person, also unidentified, was hospitalized with minor injuries, according to a spokesperson for the FDNY. Their condition is unknown

A second individual, additionally unidentified, was hospitalized with minor accidents, in accordance to a spokesperson for the FDNY. Their situation is unknown

The man, who has but to be identified or named, was pronounced useless earlier than leaving the scene. 

A second individual, additionally unidentified, was hospitalized with minor accidents, in accordance to a spokesperson for the FDNY.

A lady was seen wanting distraught and crying close to the constructing earlier than finally getting into the ambulance. 

The FDNY spokesperson couldn’t affirm the age or gender of the individual hospitalized. 

The web site for the structure lists such facilities as a library lounge, an indoor/out of doors theater, an estuary with a 75-foot pool, a landscaped out of doors sundeck and sizzling tub, a health middle, yoga studio, steam room, sauna and a non-public eating room.

The website for the structure lists such amenities as a library lounge, an indoor/outdoor theater, an estuary with a 75-foot pool, a landscaped outdoor sundeck and hot tub, a fitness center, yoga studio, steam room, sauna and a private dining room

The web site for the structure lists such facilities as a library lounge, an indoor/out of doors theater, an estuary with a 75-foot pool, a landscaped out of doors sundeck and sizzling tub, a health middle, yoga studio, steam room, sauna and a non-public eating room

The swanky estate is the home to the mega-rich and celebrities such as Frank Ocean

The swanky property is the house to the mega-rich and celebrities such as Frank Ocean

The swanky property is the house to the mega-rich and celebrities such as Frank Ocean, in accordance to the New York Post.  

Developed by Alexico Group, 56 Leonard is the primary skyscraper designed by worldwide architects Herzog & de Meuron.

It took a whopping 33 months to build – and every step was recorded by webcam company EarthCam then compiled into this unbelievable video.

Back to top button