The American chain of domestic merchandise retail stores has recently experienced one. Crossen, who took over the role as of Monday. Bad news keeps piling up for Bed Bath & Beyond (BB&B). Reddit-board investors who regard Cohen as a “meme-lord” followed suit.Īfter Bed Bath & Beyond stock was downgraded by the ratings agency Baird – “this frenzied move has been driven by non-fundamentally focused market participants”, a Baird analyst told clients – the company’s stock halved again, dropping its market capitalization to below $1bn.Īnnouncing the closure of stores last week, the interim chief executive, Sue Gove, said Bed Bath & Beyond would embrace “a straight-forward, back-to-basics philosophy that focuses on better serving our customers, driving growth and delivering business returns”. Bed Bath & Beyond on Tuesday said it tapped its chief accounting officer, Laura Crossen, as interim finance chief after CFO Gustavo Arnal died Friday. In mid-August, the shareholder activist Ryan Cohen, co-founder of online pet-products retailer Chewy, sold his 10% stake in the company months after taking the position. Its shares made a monstrous run, from $5.77 to $23.08 over a little more than two weeks, in trading reminiscent of last year’s meme-stock craze, when out-of-favor companies suddenly became darlings of smaller-pocketed investors. In August, the company experienced a meme-stock bounce. It reported that comparable sales fell 26% in the last quarter and it burned through about $325m of cash reserves. Last week, the company said it would close 150 stores, cut jobs and overhaul its merchandising strategy in an attempt to turn around its business. Bed Bath & Beyond is an omnichannel retailer selling a wide assortment of domestic merchandise and home furnishings. In June, as sales slumped, the chief executive, Mark Tritton, was ousted. The big-box chain – once considered a so-called “category killer” in home and bath goods – has seen its fortunes falter after an attempt to streamline products it carries and sell more own-brand goods. and subsidiaries is an omnichannel retailer that. On 16 August, Arnal sold 55,013 shares in the company, Reuters’ calculations based on SEC filings showed. Bed Bath & Beyonds headquarters is located in Union, United States of America. “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.” In a statement, Harriet Edelman, independent chair of the Bed Bath & Beyond board, said: “Gustavo will be remembered by all he worked with for his leadership, talent and stewardship of our company. They did not provide further details on the circumstances leading to Arnal’s death but said the New York City Medical Examiner’s Office would determine the cause of the fatality. Police later identified the man as Arnal. On Friday at 12.30pm, police responded to a 911 call and found a 52-year-old man dead near the 60-story tower at 56 Leonard Street that gets its name from the way the apartments are stacked like blocks in the Jenga game.
He also had a 20-year stint with Procter & Gamble, according to his LinkedIn profile. He previously worked for the cosmetics brand Avon, in London and Walgreens Boots Alliance.
Gustavo Arnal, 52, joined Bed Bath & Beyond in 2020.
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