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Bed Bath & Beyond executive falls to his death from New York tower, police say
Sometimes executives are tie tightly to their firms both financially and emotionally. Something is going on that the public is not aware of this person’s life.
Bed, Bath & Beyond has been declining for sometimes as sales have drifted to online retailers who offer lower pricing. The company is closing many stores and cutting 20% of its workforce. Some said they could be facing bankruptcy.
They have gotten a lot more expensive than the past. These days they have to be competitive to online stories in order to survive. They have better quality goods than those at Walmart, but their pricing strategies and online stores are not working well.
Sad. Life gets complicated. (Not a great way to deal with that.) Of course BBY has been in the news recently as the stock has undergone some wild gyrations of late.
….. / The awesome (and expensive) new Hudson Yards complex has permanently shut down a lovely spiral staircase / observation tower after 2 people jumped to their deaths in the first year of operation. Would have enjoyed going up. Photo & Story
The class action lawsuit filer Pengcheng Si has a history of rushing to file lawsuits and then files more info by amendments/modifications. BBBY has noted that it would evaluate charges in the lawsuit that appear to be "without merit". Similar cases are filed when a company stock tanks for whatever reason(s).
Late BBBY CFO Gustavo Arnal joined BBBY in 2020 only. He had been involved with several turnarounds in the past (Avon, Walgreens, P&G, etc), but this one at BBBY didn't seem to be going the right way. The CEO who just got fired may be the one who brought Arnal on board. BBBY had announced a complete shift in plans last week - CEO firing, massive layoffs and store closings, new equity issuance, etc. Its corporate blunders were classic but the main one was to proudly ignore online sales; for a while it was the category killer but then it was the last one standing and got into trouble itself. It seems that Arnal jumped out of an open window on 18th floor without leaving a note and without alerting his wife who was in the apartment/room at the time. BBBY noted the passing of Arnal on its website and in a news release.
I have some friends who have worked for BBBY, so I just try to follow it, but don't own it. I will be watching what develops from police, BBBY itself, court, SEC, etc.
The CEO who just got fired may be the one who brought Arnal on board.
Sounds like the former CEO has set up the CFO to be the fall guy. Changing a CFO cannot solve the already problem on multiple fronts. Looks like BBBY need serious restructuring before it disappears.
Comments
Bed, Bath & Beyond has been declining for sometimes as sales have drifted to online retailers who offer lower pricing. The company is closing many stores and cutting 20% of its workforce. Some said they could be facing bankruptcy.
Still we prefer to shop in stores.
Sad. Life gets complicated. (Not a great way to deal with that.) Of course BBY has been in the news recently as the stock has undergone some wild gyrations of late.
….. / The awesome (and expensive) new Hudson Yards complex has permanently shut down a lovely spiral staircase / observation tower after 2 people jumped to their deaths in the first year of operation. Would have enjoyed going up. Photo & Story
BBBY = Bed Bath & Beyond
The class action lawsuit filer Pengcheng Si has a history of rushing to file lawsuits and then files more info by amendments/modifications. BBBY has noted that it would evaluate charges in the lawsuit that appear to be "without merit". Similar cases are filed when a company stock tanks for whatever reason(s).
Late BBBY CFO Gustavo Arnal joined BBBY in 2020 only. He had been involved with several turnarounds in the past (Avon, Walgreens, P&G, etc), but this one at BBBY didn't seem to be going the right way. The CEO who just got fired may be the one who brought Arnal on board. BBBY had announced a complete shift in plans last week - CEO firing, massive layoffs and store closings, new equity issuance, etc. Its corporate blunders were classic but the main one was to proudly ignore online sales; for a while it was the category killer but then it was the last one standing and got into trouble itself. It seems that Arnal jumped out of an open window on 18th floor without leaving a note and without alerting his wife who was in the apartment/room at the time. BBBY noted the passing of Arnal on its website and in a news release.
I have some friends who have worked for BBBY, so I just try to follow it, but don't own it. I will be watching what develops from police, BBBY itself, court, SEC, etc.
https://fortune.com/2022/09/04/bed-bath-beyond-cfo-arnal-lawsuit-pump-and-dump-scheme/
https://bedbathandbeyond.gcs-web.com/news-releases/news-release-details/bed-bath-beyond-inc-mourns-loss-executive-vice-president-and