He also worked for Procter & Gamble as CFO India, Middle East and Africa, CFO Global Fabric and Home Care and CFO Global Personal Beauty.
Arnal sold shares on August 16
On August 16, Arnal sold 42,513 Bed, Bath & Beyond shares for $1.42 million, according to a filing with the US Securities and Exchange Commission (SEC). On August 17, he sold an additional 12,500 shares for $255,396. In total, he raised $1.67 million for these transactions.
On August 16, billionaire activist investor Ryan Cohen, co-founder of Chewy, Inc. (CHWY ) also liquidated its entire 10% stake in Bed, Bath & Beyond, according to the SEC filing.
The sad news comes as BBBY just announced a turnaround plan that disappointed investors.
The home goods retailer announced the potential launch of a market offering program for up to 12 million shares of common stock. Last quarter, Bed Bath & Beyond reported total debt of $3.27 billion and a debt-to-equity ratio of -23.47. This shows that the company’s liabilities exceed its assets.
According to Bloomberg, some suppliers have already stopped shipments to Bed Bath & Beyond after the company delayed some payments.
The company will close about 150 lower-producing Bed Bath & Beyond stores and lay off about 20 percent of its workforce. It hopes to cut selling, general and administrative expenses by $250 million for fiscal 2022, compared with an earlier forecast of $400 million.
It also secured $500 million in new debt financing. But the company decided to keep the Buybuy Baby business when investors hoped the chain was going to sell it.
“We are working quickly and diligently to strengthen our liquidity and secure our path for the future. We have thoroughly reviewed our business and today, we are announcing immediate actions aimed at increasing customer engagement, increasing traffic and regaining market share » , interim chief executive Sue Gove said at the time. “This includes changing our merchandise and inventory strategy, which will be based on National Brands. Additionally, we are focusing on driving digital and foot traffic, as well as optimizing our store fleet.”
