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Mattress Bathtub & Past Confirms Dying of CFO Gustavo Arnal

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Mattress Bathtub & Past Inc.


BBBY -0.92%

mentioned Chief Monetary Officer

Gustavo Arnal

died on Friday.

The house-goods retailer didn’t instantly reply to requests for touch upon the circumstances of Mr. Arnal’s loss of life.

An individual recognized by New York Metropolis police as 52-year-old Gustavo Arnal died Friday in an obvious fall. Mr. Arnal lived in a 57-story skyscraper at 56 Leonard Avenue, generally known as the Jenga Tower. The New York Police Division mentioned they proceed to research and that the medical expert’s workplace will look to find out the reason for loss of life.

The constructing at 56 Leonard, positioned in Manhattan’s Tribeca neighborhood, is thought for its form, with misaligned flats stacked on prime of one another.

The New York Publish reported earlier on Mr. Arnal’s loss of life.

Mr. Arnal, 52 years previous, who joined the retailer in 2020 amid the coronavirus pandemic, spoke with traders final week in regards to the firm’s efforts to assist shore up financing and restructure operations. Beforehand, he was a finance govt at Avon and

Procter & Gamble Co.

“The whole Mattress Bathtub & Past Inc. group is profoundly saddened by this surprising loss,” the corporate mentioned Sunday in an announcement.

A person recognized as 52-year-old Gustavo Arnal died Friday after falling from the skyscraper at 56 Leonard Avenue.



Photograph:

Gary Hershorn/Getty Photographs

The corporate mentioned final week it would shut roughly 20% of its shops, reduce its workforce, and usher in contemporary money to stabilize the enterprise because it approaches the vacation season.

Mr. Arnal was concerned in accelerating the retail chain’s effort to liberate money for the enterprise. The corporate launched a revamped mannequin that required much less stock to fill cabinets beneath his watch. 

Mattress Bathtub & Past struggled beneath a method launched by former CEO

Mark Tritton

to exchange well-liked title manufacturers with personal label objects. Mr. Tritton left the corporate in June. Final week, the corporate mentioned it could focus extra on nationwide manufacturers after spending thousands and thousands to develop private-label items.

The corporate has been burning by way of money reserves over a number of quarters. The corporate’s shares took successful Aug. 18, when billionaire activist investor

Ryan Cohen

unloaded his whole stake within the firm, about 5 months after initially buying his shares.  

On Aug. 31, the corporate introduced it secured $500 million in new financing. It additionally mentioned it could slash its workforce and shut underperforming shops.

Mr. Arnal held an undergraduate diploma in mechanical engineering from the Universidad Simón Bolívar in Venezuela and a grasp’s diploma in finance from Venezuela’s Universidad Metropolitana, based on the corporate’s web site. 

Mr. Arnal had joined Mattress Bathtub & Past in April 2020 after working as CFO of magnificence merchandise maker Avon and in senior positions abroad at Procter & Gamble. On the time, a Mattress Bathtub & Past spokesman mentioned that his deep data of retail and client items would assist speed up its transformation plans. He earned a $775,000 wage earlier than inventory awards, securities filings present.

After years of declining gross sales, Mattress Bathtub & Past is going through an existential disaster. WSJ’s Suzanne Kapner explains why the corporate has fallen on onerous occasions and appears ahead to what’s subsequent for the veteran retailer. Photograph Illustration: Laura Kammermann/WSJ

Write to Ginger Adams Otis at [email protected] and Ryan Felton at [email protected]

Copyright ©2022 Dow Jones & Firm, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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