Signage outdoors a Mattress Bathtub & Past retail retailer in New York, Aug. 25, 2022.
Gabby Jones | Bloomberg | Getty Photos
Mattress Bathtub & Past on Sunday confirmed that its Chief Monetary Officer Gustavo Arnal died over the weekend, after police had mentioned earlier that Arnal fell to his loss of life. Investigators imagine Arnal’s fall was intentional, however he left no notice behind and didn’t say something to his spouse, who was house on the time, sources advised WNBC.
“The complete Mattress Bathtub & Past Inc. group is profoundly saddened by this stunning loss,” the corporate mentioned in an announcement.
Arnal, 52, fell Friday afternoon from a constructing in downtown Manhattan, in line with police. The long-lasting skyscraper, recognized regionally because the “Jenga Tower” or the “Jenga Constructing,” has greater than 50 flooring of uniquely stacked flats.
Emergency Medical Providers declared Arnal deceased on the scene, in line with a spokesperson from New York’s Workplace of the Deputy Commissioner, the general public data workplace for town’s police division.
A NYPD spokesperson tells CNBC it’s as much as the Medical Examiner’s Workplace to make a closing willpower about the reason for loss of life. At this stage, the investigation stays ongoing.
Arnal joined Mattress Bathtub in 2020 from London-based cosmetics firm Avon, simply after the beginning of the coronavirus pandemic. He additionally spent 20 years at Procter & Gamble. In Mattress Bathtub’s assertion on Sunday, the corporate famous that Arnal “was instrumental in guiding the group all through the coronavirus pandemic.”
Since becoming a member of Mattress Bathtub, Arnal made a number of purchases and gross sales of firm inventory. Final month, he offered greater than 55,000 shares at costs starting from $20 per share to $29.95 per share, for a complete of $1.23 million, in line with a submitting. These gross sales have been made as a part of a buying and selling plan he had signed in April. The doc additionally famous he nonetheless held 255,396 shares after these newest gross sales.
Mattress Bathtub’s latest struggles
Mattress Bathtub’s inventory is down 43% this yr — and about 90% from its all-time excessive.
Arnal died days after the corporate introduced plans to shut 150 shops of its “decrease producing” namesake shops. The New Jersey-based retailer additionally mentioned it might be reducing 20% of its employees and added that it had secured greater than $500 million in new financing, together with a mortgage.
The price-cutting measures come as Mattress Bathtub’s core enterprise continues to battle. The corporate disclosed persevering with slowing gross sales on Wednesday, with same-store gross sales dropping 26% for the three-month window ended Aug. 27 — a much bigger drop than in earlier quarters.
Some analysts say the whereas the turnaround plan introduced Wednesday will enhance the corporate’s liquidity place, it will not be ample to avoid wasting Mattress Bathtub’s enterprise. Raymond James downgraded the inventory Thursday, saying that the associated fee cuts and new financing “solely kicks the can down the highway.”
Mattress Bathtub is likely one of the public firms swept up within the so-called “meme commerce,” which sees shares expertise wild worth swings primarily based on social media hype amongst retail buyers. In August, Mattress Bathtub had a number of days with worth strikes of greater than 20%.
In mid-August, activist investor Ryan Cohen, a significant Mattress Bathtub shareholder, exited his place. Cohen’s RC Ventures offered its Mattress Bathtub holdings at a variety of costs between $18.68 per share and $29.22 per share. After the sale, the inventory plummeted 40%.
Mattress Bathtub additionally faces a category motion lawsuit not too long ago filed within the District of Columbia, accusing it of misrepresenting its worth and profitability. Arnal is called within the go well with, as is Cohen.
Mattress Bathtub advised CNBC that it might not touch upon litigation.
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This can be a growing story. Please examine again for updates.
— Further reporting by CNBC’s Dan Mangan.
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