Bed Bath and Beyond CFO Gustavo Arnal dies

UNION, N.J. >> Gustavo Arnal, the chief financial officer of retail chain Bed Bath & Beyond, has died, the company confirmed on Sunday.

The company did not give a cause of death, but said in a statement that he died Friday. Arnal joined the company in May 2020 after previous stints at Avon, Walgreens Boots Alliance and Procter & Gamble.

“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,” said Harriet Edelman, independent chair of the company’s board, in Sunday’s statement.

Bed Bath & Beyond has faced turbulence recently: Its shares made a monstrous run from $5.77 to $23.08 over a little more than two weeks in August, in trading reminiscent of last year’s meme-stock craze, when out-of-favor companies suddenly became darlings of smaller-pocketed investors. On Wednesday, the company said it would shutter stores and lay off workers in a bid to turn around its beleaguered business.

The home goods retailer based in Union, New Jersey, said it will close about 150 of its namesake stores and slash its workforce by 20%.