Posted on 09/04/2022 4:24:37 AM PDT by Libloather
The man who jumped to his death from the 18th floor of the famous 'Jenga' tower in lower Manhattan's Tribeca neighborhood Friday has been identified as a Bed Bath & Beyond executive.
Gustavo Arnal, 52, was the Chief Financial Officer of Bed Bath & Beyond, a company that has been going through struggles of late due to high inflation and a sagging economy. The company announced plans to close 150 stores, of its roughly 900, and lay off 20 percent of staff just two days before Arnal's death.
He reportedly sold over 42,000 shares in the company, oft-identified as a 'meme stock', for $1million just over two weeks ago, according to MarketBeat.com.
At the time, he still owned 267,896 shares in the company, valued at just under $6.5million.
Arnal moved to Bed Bath & Beyond in 2020 - when the company was already struggling due to the coronavirus pandemic - from London-based cosmetics giant Avon, where he was also CFO, and had spent 20 years at Proctor & Gamble.
When Arnal was brought to Bed Bath & Beyond in April 2020 a company spokesman said in a statement they were 'bringing in world class talent to offer new perspectives, expertise and experience as we rebuild our business.'
'Gustavo exemplifies this and his experience delivering business transformation at other leading companies, his deep knowledge of the retail and consumer goods space, as well as his energy and drive will help accelerate our transformation plans.'
Calls regarding the jump at 56 Leonard Street near Church Street came in at around 12:30pm Friday, according to a spokeswoman for the NYPD. Arnal was identified as the jumper at the 57-story building - where apartments go for up to $50million - on Friday afternoon, according to the New York Post.
(Excerpt) Read more at dailymail.co.uk ...
Yes, I even wrote the company complaining about them dropping My Pillow and said I was dropping THEM.
You sound insane.
My Pillows will be a classic business school study in success and failure
The constant and unrelenting advertising resulted in lots of sales up to the point where the pillow market was saturated. There cannot and will not be sales when the mail order market is saturated. Realizing that fact, the company then selected other products to hawk in the television commercials.
The sheets and towels and later shoes were priced to high and did not sell. In an era where conservative nationalist customers are intent on Buying America, an attempt was made to sell foreign Cotten. So the gambit failed and to get rid of the inventory, all items were advertised at fantastic markdowns. That process revealed the fact that the sheets and towels were outrageously overpriced from the outset.
Now, within the last week or so, the man is hawking coffee, My Coffee. When revenue required to support a failing company is studied, failure in this gambit is certain. The Unit price for what is in fact a commodity is low and the likelihood for generating the required volume from sales of what amounts to a commodity is unlikely.
When studied in the business school, an avenue of success, very profitable success, will be postulated. At the point where My Pillow market saturation was determined with certainty, the business should have been closed. The revenue generated from investing the immense My Pillow profits was greater than attempting to resell purchased goods at an outrageous markup
Been going through struggles of late due to high inflation and a sagging economy.
Biden outs another chalk mark on his board.
Same but Ford F250
Sounds like what happened in the 20’s with the market crash. Guess he knew something was about to happen. 😳
For those of you here that are knowledgeable of the stock market how does one manipulate stocks of a company???
I think cancelling My Pillow got ‘em. These woke CEOs — yeah, I know the dead dude is the CFO — really should make sure their businesses aren’t easily boycotted before pulling stunts like that.
Funny, but bad...
I wouldn’t want to. If I was going to spend 50 million on a living space, it wouldn’t be in NYC - or any city, it would be with 2000 acres in flyover country...
He may have had dirt on the Clinton’s.
There has to be A LOT more than that. I mean, that doesn’t really affect him. At the worse case, he gets fired. There has to be a lot more..
It had a discount store vibe, but it’s products were high priced. Good quality but there was no discounting. That was going on before covid....bb and b..dying WITH covid. It didn’t help to be a lib. based organization.
Having to hire peripatetic outside talent indicative of the company losing its’ successful financial ways. Suicidee might have had undiagnosed depression.
“Isn’t the “My Pillows” thing, what caused them problems, to begin with? “
Not entirely but the slow sells of MyPillow were part of the decline.
They saw an opportunity to use a nascent technological bioengineering product and apply it to vaccines. They probably wanted to create AND corner a market.
Someone in their genetics and biochemistry wings overlooked the complexity of endogenous genetic machinery and cellular biology.
That’s more gas than us two combined! :)
You must be one of those Ultra MAGA extremists...
Same with the slippers. Regular price $139, like anyone would ever pay that for slippers, $89 was supposed to be a bargain price. Last I’ve seen they were down to $49. Still high for slippers as much as I wanted the “pink” moccasin ones, I have resisted!
That’s what you call a permanent solution to a temporary situation...
P
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