“The entire Bed Bath & Beyond company is deeply saddened by this shocking loss,” 3B Home said in a statement.
Arnal, 52, fell from a building in midtown Manhattan on Friday afternoon, according to police. Known locally as the “Jenga Tower”, the iconic skyscraper has 50 floors of unique apartments.
A New York police spokesman said EMS declared Anal dead at the scene.
Arnal joined 3B Home from Avon in 2020, just after the COVID-19 pandemic began. He also worked at Procter & Gamble for 20 years. In 3B’s statement on Sunday, the company noted that Anar “has played an important role in guiding the company during the COVID-19 pandemic.”
Since joining 3B Home Furnishings, Arnal has bought and sold the company’s stock several times. Last month, he sold more than 55,000 shares at prices ranging from $20 to $29.95 apiece, cashing out a total of $1.23 million, according to a filing. The deals are part of a deal he signed in April. The filing also states that he still holds 255,396 shares of the company after several recent sales.
Shares of 3B Home Furnishings are down 43% this year and are down about 90% from their all-time highs.
Arnar’s death came two days after the company announced plans to close 150 “lower-yielding” namesake stores. The company also said it would cut 20% of its workforce, adding that it had secured more than $500 million in new financing, including a loan.
These cost-cutting measures come as 3B Home’s core business is still struggling. The company disclosed last Wednesday that sales continued to slow, with same-store sales falling 26% in the three months ended Aug. 27, a steeper decline than in previous quarters.
Some analysts said that while the restructuring plan announced last Wednesday would improve the company’s liquidity position, it would not be enough to save 3B’s business. Brokerage Raymond James downgraded the stock on Thursday, saying cost cuts and new financing “just pushed the issue to the back.”