On Friday at 12:30pm ET (16:30 GMT), police responded to a 911 call and found a 52-year-old man dead near the building. He previously worked as CFO for cosmetics brand Avon in London and had a 20-year stint with Procter & Gamble, according to his LinkedIn profile. Gustavo Arnal, 52, joined Bed Bath & Beyond in 2020. More: Staunton-area home prices rise 14.Bed Bath & Beyond Inc’s chief financial officer has fallen to his death from the New York Tribeca skyscraper known as the “Jenga” tower, police said on Sunday, days after the struggling retailer announced it was closing stores and laying off workers. More: With 181 new COVID cases, Waynesboro among outbreaks in Virginia More: Judge throws out majority of Augusta County Sheriff's Office charges from 2021 protests It is also still searching for a new CEO. In order to drive sales and traffic while retaining customers, the company plans to leverage its cross-banner loyalty program Welcome Rewards, the release said. The six remaining brands - Simply Essential, Nestwell, Our Table, Squared Away, H for Happy and Everhome - will be reduced by 20%.
While introducing new brands, the company will be discontinuing three of its nine labels - Haven, Wild Sage and Studio 3B.
This will be a 20% increase over the long term, the release said. The company will close 150 lower-producing Bed Bath & Beyond banner stores and will evaluate its portfolio, leases and staffing, the release said.Īccording to Bed Bath & Beyond, customers are set to benefit from the changes, saying the company will "rebalance its assortment and improve inventory." That means the company will be adjusting its merchandise to lead with what the customer wants and bring back popular national brands, while introducing new, direct-to-consumer brands. It will also reduce its capital spending plan for fiscal 2022 to a forecasted $250 million in planned capital expenditures, down from $400 million that was previously disclosed, the release said. We believe these changes will have a widespread positive impact across customer experience, inventory assortment, supply chain execution and cost structure. The customer underpins our decisions, and we are committed to delivering what they want while driving growth, profitability and financial returns."īed Bath & Beyond will also reduce selling, general and administrative expenses by approximately $250 million in fiscal 2022, the release said. Additionally, we are focused on driving digital and foot traffic, as well as optimizing our store fleet. "This includes changing our merchandising and inventory strategy, which will be rooted in national brands. We have taken a thorough look at our business, and today, we are announcing immediate actions aimed to increase customer engagement, drive traffic, and recapture market share," Gove said in the release. "We are working swiftly and diligently to strengthen our liquidity and secure our path for the future. According to the list, the location in Harrisonburg will remain open, as well as the Charlottesville location. Now, only one is slated to close in Virginia - a location in Vienna, according to. We command a special presence in the home and baby markets, and we intend to fulfill our opportunity to be the category retailer of choice." "In a short period of time, we have made significant changes and instituted enablers across our entire enterprise to regain our dominance as a preferred shopping destination for our customers' favorite brands and exciting products. "We are embracing a straight-forward, back-to-basics philosophy that focuses on better serving our customers, driving growth, and delivering business returns," Sue Gove, director and interim chief executive officer, said in the release. The New Jersey-based home goods retailer also operates buybuy Baby and Harmon Face Value. The company, which is based in Union, New Jersey, announced at the end of August it would be focused on changes to "meet the demand of its customers, drive growth and profitability, and improve its balance sheet and cash flows," a release from the company said. Bed Bath & Beyond will be closing 150 stores and cutting staff by 20%, according to a release from the company.Īccording to the second quarter fiscal information, net sales for the company are at approximately $1.45 billion, with comparable sales at a decline of approximately 26% compared to the second quarter of fiscal 2021.
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