Business

Bed Bath & Beyond taps chief accounting officer as interim CFO after executive’s suicide

Consumers exit a Mattress Bathtub & Past retailer in New York.

Michael Nagle | Bloomberg | Getty Photos

Mattress Bathtub & Past on Tuesday tapped its chief accounting officer as interim CFO after the demise of its former govt.

The retailer, which has had a number of latest management modifications, stated it named Lauren Crossen as its interim chief monetary officer as of Monday. Crossen will even proceed as the corporate’s chief accounting officer, Beth Bathtub & Past stated in a regulatory submitting.

Former CFO Gustavo Arnal’s demise was dominated a suicide by New York Metropolis’s health worker this weekend. Police stated he fell to his demise Friday from a skyscraper in downtown Manhattan.

Shares of Mattress Bathtub & Past had been down by about 15% Tuesday morning as traders weighed the struggling retailer’s path ahead. The corporate is in search of a brand new CEO after its board ousted Mark Tritton in June. It stated final week that it might eradicate the roles of chief working officer and chief shops officer.

Sue Gove, a Mattress Bathtub board member, has stepped in as interim CEO. She is founding father of a retail consulting agency and has served in govt roles, together with chief working officer of jewellery firm Zale.

 The house items retailer is attempting to flip round slowing gross sales and regain market share that it has misplaced to rivals. Because it prepares for the vacation season, Mattress Bathtub & Past introduced final week that it had secured greater than $500 million in new funding and laid out a brand new plan to handle prices, together with layoffs and the closure of about 150 shops.

Mattress Bathtub’s challenges are being compounded by a shift away from common pandemic classes, akin to house items, as folks spend on providers like eating out and touring once more. Different retailers, together with Walmart and Kohl’s, have additionally seen a pullback in discretionary classes as folks spend extra on meals and requirements due to inflation.

Mattress Bathtub’s same-store gross sales have continued to say no in latest months. Final week, the corporate stated same-store fell declined 26% for the three-month interval ended Aug. 27.

If you’re having suicidal ideas, contact the Suicide & Disaster Lifeline at 988 for help and help from a skilled counselor.

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