As of late May, the company had 955 stores. Its store footprint will get about 16% smaller with the closures. It has expanded $1.13 billion asset-backed revolving credit facility, too.Įarlier in the day, it said in a filing that it will sell an undisclosed amount of shares.Īlong with the additional financing, it is slashing costs. It secured a $375 million loan through Sixth Street Partners, a lender that has provided financing to other retailers including J.C. It said Wednesday it has a plan to cut costs and gain additional cash. It counts on those vendors to stock shelves and warehouses - especially during important seasons like back to college and the Christmas season.īed Bath has burned through cash, ending May with about $100 million compared with $1.1 billion a year earlier. In the days leading up to Arnal's death, the company's interim CEO, Sue Gove, and several board members were concerned for his well-being, believing he was overwhelmed at work, The Wall Street Journal reported this week, citing sources familiar with the matter.įriends of Arnal told the Journal he'd been working up to 18 hours a day, according to the report.One of Bed Bath's crucial moves was finding a way to pay the bills and stabilize relationships with suppliers leery of working with a faltering company. Shortly before his death, Arnal was named in an insider-trading lawsuit that claimed that he and activist investor Ryan Cohen had engaged in a " pump and dump" operation - accusations that Arnal's former colleagues say are unfathomable and that Bed Bath & Beyond has said it believes to be "without merit." In June, former CEO Mark Tritton was forced out after the company logged dismal sales for two consecutive quarters.Īnd Arnal's tenure at the company wasn't without its controversies. Turning around years of slumping sales at Bed Bath & Beyond would prove to be just that: Last month, the retailer flagged that it was forced to shutter 150 stores and slash 20% of its corporate roles. Insider has verified their identity and employment. They spoke on the condition of anonymity because they hadn't arranged permission from the company to speak to the press. Earlier in his career, he worked at Avon and Walgreens, where he was CFO of the drugstore giant's international divisions.Īrnal's former colleagues at P&G who spoke to Insider expressed shock over his suicide. While at the company that makes Tide soap and Pampers diapers, he worked out of Brazil and Cincinnati, where it's headquartered. Over the course of more than 20 years, Arnal held several senior positions at P&G, including CFO of its India, Middle East, and Africa business CFO of Global Fabric and Home Care and CFO of Global Personal Beauty. Though they didn't work with him at Bed Bath & Beyond - these coworkers were from his time as an executive at Procter & Gamble - the teammates said Arnal was "larger than life" and enjoyed digging into a big business challenge. Former colleagues of Gustavo Arnal - the 52-year-old Bed Bath & Beyond executive who died after falling from a New York City building earlier this month - told Insider they were stunned by his death.
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