Bed Bath & Beyond CFO reportedly falls to death in New York

Bed Bath & Beyond's chief financial officer fell to his death from the 18th floor of New York's Tribeca skyscraper, known as the “Jenga” tower, on Friday afternoon, according to media reports.

Gustavo Arnal, 52, joined Bed Bath & Beyond in 2020. He previously worked as the chief financial officer for cosmetics brand Avon in London and had a 20-year stint with Procter & Gamble, according to his LinkedIn profile.

Police were called to 56 Leonard Street near Church Street around 1pm eastern time, where an unidentified man was pronounced dead at the scene, according to the New York Post.

Bed Bath and Beyond and the New York Police Department did not immediately respond to emails and calls for comment.

On August 16, Mr Arnal sold 55,013 shares in the company, Reuters calculations showed, based on US Securities and Exchange Commission filings.

The big-box chain — once considered a market leader in home and bath goods — has seen its fortunes falter after an attempt to sell more of its own brand, or private label, goods.

Last week, Bed Bath & Beyond said it would close 150 stores, cut jobs and overhaul its merchandising strategy in an attempt to turn around its money-losing business.

Bed Bath & Beyond forecast a bigger-than-expected 26 per cent slump in same-store sales for the second quarter and said it would retain its buybuy Baby business, which it had put up for sale.

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Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks.

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.

8. Pillar 2 implementation

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer