Last Updated on September 5, 2022 by Bitfinsider

Bed Bath & Beyond Inc’s chief financial officer died after falling from New York’s Tribeca skyscraper known as the “Jenga” tower on Friday afternoon, according to police, just days after the company announced the closure of several stores.

Gustavo Arnal, 52, begun working for 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 with Procter & Gamble.

Police responded to a 911 call on Friday at 12:30 p.m. ET (1630 GMT) and discovered a 52-year-old man dead near the building who appeared to have been injured in a fall. Gustavo Arnal was identified by police.

The police statement did not go into further detail about Arnal’s death, but it did say that the New York City Medical Examiner’s Office will now determine the cause of death.

Gustavo Arnal, 52, is named as a defendant in a class action lawsuit filed by a group of shareholders who claim they lost $1.2 billion as a result of Arnal and majority shareholder Ryan Cohen’s ‘pump and dump’ scheme.

According to the lawsuit, which was filed on August 23 in the United States District Court for the District of Columbia, Cohen approached Arnal about a plan to control shares of Bed Bath and Beyond so that they could both profit.

According to the lawsuit, Arnal “agreed to regulate all insider sales by BBBY’s officers and directors to ensure that the market would not be inundated with a large number of BBBY shares at a given time” as part of the plan.

To help increase share prices, he allegedly made’materially misleading statements made to investors regarding BBBY’s strategic company plans, financial condition… and reports of shares holding and selling.’

The big-box retailer, once regarded as a “category killer” in home and bath goods, has seen its fortunes dwindle following an attempt to sell more of its own brand, or private-label goods.

Bed Bath & Beyond announced last week that it would close 150 stores, lay off employees, and revamp its merchandising strategy in an effort to turn around its loss-making business.

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