US houseware retailer Bed Bath & Beyond has filed for bankruptcy. It is in order to shut its operations. The company is about to shut its 360 stores. The reason behind the bankruptcy is said to be growing e-commerce.

Bed Bath & Beyond to shut 360 stores amid being Bankrupt

Bed Bath & Beyond Inc (BBBY.O) on Tuesday reported a much wider-than-expected quarterly loss and sales that plunged by a third, failing to halt the months-long cash burn that led to warnings of a possible bankruptcy.

World Business Watch: Bed Bath & Beyond posts nearly $400M loss in Q3

Gustavo Arnal, the chief financial officer of Bed Bath &amp; Beyond has been identified as the guy who died after jumping to his death from a Manhattan high-rise apartment, the New York City Police Department stated.

The 52-year-old Arnal allegedly died after falling off the balcony of his apartment’s 18th&nbsp;&nbsp;level. The CFO was discovered unconscious and unresponsive outside the story tower.

During a conversation with CNN, a law enforcement source said that Arnal’s wife saw him jump.

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The NYPD stated that the probe is still going on.

In response to Arnal’s death, a Bed Bath &amp; Beyond representative expressed that the firm is "profoundly saddened by this shocking loss," CNN reported.

In a statement released on Sunday (September 4), the Board of Directors stated that Arnal joined Bed Bath &amp; Beyond Inc. in May 2020 after working at companies like Avon and Procter &amp; Gamble.

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Arnal was regarded as a strong, competent staff builder and was well respected in the banking sector.

However, CNN previously reported that the firm is experiencing difficulty. To save itself and avoid bankruptcy, the firm announced that it would eliminate 150 locations, laying off about 20 per cent of its corporate staff. The company also stated that it will obtain over $500 million in financing to supplement its precarious financial situation.

A class action lawsuit accused Arnal, as a defendant, along with Ryan Cohen and other shareholders, of engaging in a pump and dump conspiracy to inflate the price of the company’s stock. The lawsuit alleged Arnal and others delayed disclosing the ownership and sales of their own shares.

(With inputs from agencies)

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Gustavo Arnal, the chief financial officer of Bed Bath & Beyond has been identified as the guy who died after jumping to his death from a Manhattan high-rise apartment, the New York City Police Department stated.

Gustavo Arnal, the chief financial officer of Bed Bath & Beyond has been identified as the guy who died after jumping to his death from a Manhattan high-rise apartment, the New York City Police Department stated. The 52-year-old Arnal allegedly died after falling off the balcony of his apartment’s 18th level. The CFO was discovered unconscious and unresponsive outside the story tower. During a conversation with CNN, a law enforcement source said that Arnal’s wife saw him jump. Also read | US may use our military bases in case of a Taiwan conflict, says Philippine ambassador to the US The NYPD stated that the probe is still going on. In response to Arnal’s death, a Bed Bath & Beyond representative expressed that the firm is "profoundly saddened by this shocking loss," CNN reported. In a statement released on Sunday (September 4), the Board of Directors stated that Arnal joined Bed Bath & Beyond Inc. in May 2020 after working at companies like Avon and Procter & Gamble. Also read | Four feared dead after private jet crashes into Baltic Sea off Latvia coast Arnal was regarded as a strong, competent staff builder and was well respected in the banking sector. However, CNN previously reported that the firm is experiencing difficulty. To save itself and avoid bankruptcy, the firm announced that it would eliminate 150 locations, laying off about 20 per cent of its corporate staff. The company also stated that it will obtain over $500 million in financing to supplement its precarious financial situation. A class action lawsuit accused Arnal, as a defendant, along with Ryan Cohen and other shareholders, of engaging in a pump and dump conspiracy to inflate the price of the company’s stock. The lawsuit alleged Arnal and others delayed disclosing the ownership and sales of their own shares. (With inputs from agencies) WATCH WION LIVE HERE

Bed Bath & Beyond CFO dies after jumping from balcony, wife saw him leap

Executives at electric car marker Tesla, drug maker Novartis and retailer Bed Bath and Beyond are cutting spending or jobs in U.S. while others are shelving projects or deals as inflation rages and confidence in the world economy wanes.

Companies cut spending, jobs as economic outlook grows less certain