He jumped to his death. BBBY was recently in the news because it was a short-lived repeat of Gamestop's meme stock pump. The company wasn't doing well because it sells overpriced home goods in brick & mortar stores. The stock price was low. Shorts came in, some whales got word and tried to short squeeze it (Ryan Cohen of r/superstonk fame, GME hero of reddit retail traders). Retailers (r/WSB) caught on and started pumping it. Naturally, the institutional investors got out at the top (So much for diamond hands). Retail traders are left holding the bags once again. BBBY stock price is back down below $10. Reddit has been posting suicide hotlines over the past week. People on r/wsb are talking about how they gambled away their life savings again.
Sorry for the chud news source.
On Aug. 16, Arnal sold 42,513 shares in company stock for a little over a $1 million, according to MarketBeat.com.
In 2021, he made more than $2.9 million via Bed Bath & Beyond, including $775,000 in salary and the rest in stock awards, according to InsiderTrades.com.
The company said it has obtained more than $500 million in new financing and was reducing 20% of its workforce. It plans to close about 150 namesake stores but will keep its buybuy BABY chain.
Having been inside of a Bed Bath & Beyond store before, it should come as no surprise that the company is kept afloat exclusively by BuyBuyBaby.
Their point of sale systems are all at least 30 years old and when one of them dies they just permanently close that register instead of fixing it. Basically the only products that anyone buys there are as seen on TV products, and like a huge portion of their business is focused around wedding registries and pushing people to list extremely expensive linens and small electrics, which then almost always end up not getting purchased. Literally their business model is badgering couples into adding KitchenAid mixers in the hopes that they have some vaguely wealthy boomer relatives who are willing to buy them one on their trip to pick up another mypillow and whatever thing they saw on shark tank this week.
Corporate exec suicides? Yeah, almost makes me want to support them
I fixed the post but yeah pretty much
Their stores all clear millions of dollars every single day on paper and somehow fail to turn a profit, because the only things they sell are the stupidest shit, and they offer an infinite return policy on infomercial products, while counting returns as sales.
The return bins are fucking wild.
I go to Bed Bath & Beyond every time I need a new kitchen garbage can or a shower rack. So maybe once every 5 years.
Yeah it makes like no sense as a store. What kind of store can sustain existing based on some shit that you need every 5 years, especially if you can just bring the old one back and get a new one for free.
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