Mattress Bathtub & Past Confirms Loss of life of CFO Gustavo Arnal

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, often known as the Jenga Tower. The New York Police Division stated they proceed to analyze and that the health worker’s workplace will look to find out the reason for demise.

The constructing at 56 Leonard, situated in Manhattan’s Tribeca neighborhood, is understood for its form, with misaligned residences stacked on high of one another.

The New York Publish reported earlier on Mr. Arnal’s demise.

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 Arnal, 52 years outdated, who joined the retailer in 2020 amid the coronavirus pandemic, spoke with traders final week concerning the firm’s efforts to assist shore up financing and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

Procter & Gamble Co.

“Your complete Mattress Bathtub & Past Inc. group is profoundly saddened by this stunning loss,” the corporate stated Sunday in a press release.

The corporate stated final week it might shut roughly 20% of its shops, minimize its workforce, and herald 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 below his watch. 

Mattress Bathtub & Past struggled below a technique launched by former CEO

Mark Tritton

to interchange in style identify manufacturers with non-public label objects. Mr. Tritton left the corporate in June. Final week, the corporate stated it might focus extra on nationwide manufacturers after spending hundreds of thousands to develop private-label items.

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

Ryan Cohen

unloaded his complete 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 stated it might 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, in keeping with 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 stated that his deep data of retail and shopper items would assist speed up its transformation plans. He earned a $775,000 wage earlier than inventory awards, securities filings present.

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