According to recent reports, Bed, Bath and Beyond have appointed an interim CFO. Read the entire article to learn more about this news piece.
New CFO
As per the reports, Bed, Bath and Body works has appointed Laura Corssen as Interim CFO. This development has happened post the the death of Gustavo Arnal, the previous CFO of the company. His death has put the company in jeopardy as they are still going through financial crisis and are still trying to figure out a way to move forward. It has been reported by the police that his death seems like a suicide as he fell from the 57th floor in the Jenga residential tower. The police is still looking into the case. The company had announced that it would be closing 150 of its store and firing 20% of its employees just prior to the death of Arnal. The company has also decided to sell off most of its stock to keep the company afloat. “The underlying factors were bad before,” said Allen Adamson, co-founder of marketing consultancy Metaforce. “This (tragedy) just makes a difficult situation even worse.” When Arnal was CFO, there was a lawsuit filed against the company. Bed Bath & Beyond said it is in the early stages of evaluating the complaint, “but based on current knowledge the company believes the claims are without merit.”
About Bed Bath and Beyond
This company came into existence in the year 1971 and enjoyed success for many years. It became an extremely popular store as it introduced people to many and fancy household items. But things went downhill in the last decade. The sales weren’t the same as before. This company started to face a lot of competition from others like Walmart and Target. The pandemic also hit the store badly. They weren’t able to come up with effective strategies like their competitors.
Head of the company
Currently the company is being headed by Sue Gove. The company in the meanwhile is looking for a permanent position for the post of CEO. Talking about strategies, the store has decided to come back to its original strategy of emphasising on national label rather than private labels. As per reports, many analysts feel that the company is bound to get bankrupt and this is one of their moves for buying some time before they file for bankruptcy. Various reports suggest the shares of the company have dropped more than 17% which is not a good sign.