Bed Bath & Beyond on Sunday confirmed that its Chief Financial Officer Gustavo Arnal died over the weekend, after police had said earlier that he fell to his death from a building in downtown Manhattan. Investigators believe Arnal's fall was intentional.
. Those sales were made as part of a trading plan he had signed in April. The document also noted he still held 255,396 shares after those latest sales.Bed Bath's stock is down 43% this year — and about 90% from its all-time high.to close 150 stores of its"lower producing" namesake stores. The New Jersey-based retailer also said it would be cutting 20% of its staff and added that it had secured more than $500 million in new financing, including a loan.
The cost-cutting measures come as Bed Bath's core business continues to struggle. The company disclosed continuing slowing sales on Wednesday, with same-store salesSome analysts say that while the turnaround plan announced Wednesday will improve the company's liquidity position, it won't be sufficient to save Bed Bath's business. Raymond James downgraded the stock Thursday, saying that the cost cuts and new financing"only kicks the can down the road.
Bed Bath is one of the public companies swept up in the so-called"meme trade," which sees stocks experience wild price swings based on social media hype among retail investors. In August, Bed Bath had multiple days with price moves of more than 20%. In mid-August, activist investor Ryan Cohen, a major Bed Bath shareholder, exited his position. Cohen's RC Venturesat a range of prices between $18.68 per share and $29.22 per share. After the sale, the stock plummeted 40%.
Bed Bath also faces a class action lawsuit recently filed in the District of Columbia, accusing it of misrepresenting its value and profitability. Arnal is named in the suit, as is Cohen.from Aug. 31, the company noted that it was"evaluating the complaint" but that based on current knowledge, it believed the claims were"without merit."at 988 for support and assistance from a trained counselor.Additional reporting by CNBC's Dan Mangan.
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