![]() “Under this arrangement, defendants would profit handsomely from the rise in price and could coordinate their selling of shares to optimize their returns. “With control over a significant portion of the public float, Cohen would essentially act as a price support for the stock while Gustavo would act in a similar capacity by controlling the sale of shares by Insiders,” the lawsuit states, according to Fox Business. Bed Bath & Beyond shares have been considered a meme stock in recent months, with a highly volatile price driven in no small part by social media sentiment. The lawsuit alleges Cohen approached Arnal about a plan to control shares of the company so they could both profit. The company said it was “in the early stages of evaluating the complaint, but based on current knowledge the company believes the claims are without merit,” according to Reuters. District Court for the District of Columbia lists the lead plaintiff as Pengcheng Si. Bed Bath & Beyond exec Gustavo Arnal didn’t say a word to his wife before apparently leaping to his death from their swank, 18th-floor apartment in Lower. 23-11 days before Arnal’s death-in the U.S. Guests are required to show a photo identification and credit card upon check-in. For 10AM check-in guarantee: 89 plus tax fee is subject to change. For early arrivals prior to 10AM, please secure the night before to guarantee. CNN Sans ™ & © 2016 Cable News Network.The beleaguered home goods retailer confirmed the death of CFO Gustavo Arnal on Sunday after a New York Post report stated he was the previously unidentified man who “jumped” from the iconic “Jenga” skyscraper in Manhattan. Breakfast included rates apply for 2 people. Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account The company also owns children’s retailer buybuy Baby. The company lost 17% of its sales in 2020 and 14% in 2021.īed Bath & Beyond has rotated through several different executives and turnaround strategies in recent years, including former Target executive Mark Tritton, who left the company last year after less than three years as CEO.Īs of February 2022, Bed Bath & Beyond had 950 stores and 32,000 workers. The company was also hit hard during the pandemic, closing stores temporarily during 2020 while rivals remained open. ![]() Many shoppers switched to those competitors as the novelty of Bed Bath & Beyond’s coupons faded – consumers can find plenty of cheaper alternatives on Amazon The retailer became known for its ubiquitous 20% off blue coupons, and cavernous stores with merchandise stacked high to the ceilings.īut the company struggled to make the transition to online shopping and fend off larger chains such as Walmart (WMT) and Target The company added that it is also cutting costs, lowering capital expenditures and closing stores and distribution centers.įounded in 1971, Bed Bath & Beyond became a staple for affordable home decor, kitchenware and college dorm room furniture. As a result, creditors are demanding immediate payment.īed Bath & Beyond could be forced to file for Chapter 11 bankruptcy reorganization due to its financial woes. Bankruptcy Code.”īed Bath & Beyond defaulted “on or around” January 13, according to the Securities & Exchange Commission filing. The company said in its SEC filing Thursday that “at this time, the Company does not have sufficient resources to repay the amounts under the Credit Facilities and this will lead the Company to consider all strategic alternatives, including restructuring its debt under the U.S. (Photo by Scott Olson/Getty Images) Scott Olson/Getty Images The retailer's stock plummeted more that 20 percent today after it warned that it was running out of cash to meet expenses and is exploring its financial options which include bankruptcy. People walk past the entrance to a Bed Bath & Beyond retail store along Sixth Avenue in New York. FOREST PARK, ILLINOIS - JANUARY 05: Customers shop at a Bed Bath & Beyond store on Januin Forest Park, Illinois. Shares of Bed Bath & Beyond (BBBY) plunged more than 20 on the news, to about 2.56 a share.
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