bed-bath-&-beyond-cfo-commits-suicide-by-jumping-off-a-nyc-building-just-days-after-the-company-announced-mass-layoffs

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Bed Bath & Beyond (NASDAQ:BBBY) shares had been already underneath strain after the corporate made one other valiant try to revive its flagging enterprise through a complete technique announcement – the second such try lately – towards the tip of August, solely to be met by skepticism from Wall Street analysts. Now, the stunning suicide of the corporate’s CFO is including to its woes.

Bed Bath & Beyond $BBBY CFO Gustavo Arnal, 52, is lifeless after leaping from the 18th story of NYC’s ‘Jenga Tower’, simply days after the corporate introduced it was shedding 20% of employees & closing 150 shops.

— Stock Talk Weekly (@stocktalkweekly) September 4, 2022

The CFO of Bed Bath & Beyond, Gustavo Arnal, has died after leaping off the 18th story of the Jenga skyscraper in decrease Manhattan. The NYPD was notified of this unlucky incident on Friday afternoon.

Interestingly, this information comes on the proverbial heels of one other high-profile suicide, that of Ravil Maganov, who was the chairman of Russian oil big Lukoil, and a fierce critic of Russian president Putin. Maganov jumped off the sixth ground of a hospital in Moscow on Friday. For apparent causes, the Russian media was fast to painting this incident as a suicide.

Coming again, Arnal disclosed the liquidation of 55,013 Bed Bath & Beyond shares on the 18th of August, recouping round $1.4 million in proceeds. The BBBY govt nonetheless owned 255,396 shares of the corporate price over $2.2 million, based mostly on Friday’s closing value.

As we famous earlier, Bed Bath & Beyond launched a press assertion on the 31st of August, highlighting various measures to strengthen its monetary place and unlock development.

The firm intends to concern 12 million shares through an at-the-market providing. Based on the present pre-market inventory value of $9.42, Bed Bath & Beyond stands to lift round $113 million from this providing.

Bed Bath & Beyond has additionally managed to broaden its asset-backed revolving credit score facility to $1.13 billion. Moreover, the home goods retailer has now secured a $375 million “first-in-last-out” financing facility.

As far as cost-cutting measures are involved, the corporate is optimizing its promoting, normal, and administrative (SG&A) bills and lowering its workforce by round 20 %. These measures are anticipated to yield financial savings of $250 million in FY 2022 alone. The firm has additionally diminished its capital expenditure plans by $150 million.

Wall Street analysts, nonetheless, have responded to the newest restructuring try by Bed Bath & Beyond with skepticism. For occasion, BofA analyst Jason Haas contended in a recent funding be aware that regardless of the latest inflow of liquidity, the money burn at Bed Bath & Beyond may worsen if the corporate’s distributors scale back its payables interval to 30 days from the present 60 days, thereby entailing a further outflow of $400 million.

Bed Bath & Beyond CFO Commits Suicide by Jumping off a NYC Building Just Days After the Company Announced Mass Layoffs