Bed Bath & Beyond and the police have confirmed that an executive from the retail company died after falling from the luxury skyscraper where he lived in central Manhattan.

A few days after the retail chain announced it would close about 150 of its more than 700 namesake stores and lay off about 20% of its 32,000 employees as a result of its stock falling more than 21% last Wednesday and 65% in the previous year, according to The Associated Press, Gustavo Arnal, 52, the company’s chief financial officer, passed away.

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According to police, Arnal “appeared to suffer from injuries indicative from a fall from an elevated position” when emergency medical personnel discovered him at about 12:30 p.m. on Friday near Leonard Street and West Broadway. He was pronounced dead at the scene, police said in a statement to NBC News.

The cause of death will be determined by the New York City Medical Examiner’s Office, and the investigation is still underway, according to authorities.

“The entire Bed Bath & Beyond Inc. organization is profoundly saddened by this shocking loss,” the retailer said in a statement on Sunday.

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The statement continued, “At Bed Bath & Beyond Inc., Mr. Arnal was instrumental in guiding the organization throughout the coronavirus pandemic, transforming the Company’s financial foundation and building a strong and talented team. He was also an esteemed colleague in the financial community.”

Harriet Edelman, the company’s independent board chair, claimed that Arnal “will be remembered by all he worked with for his leadership, talent and stewardship of our Company.”

“I am proud to have been his colleague, and he will be truly missed by all of us at Bed Bath & Beyond and everyone who had the pleasure of knowing him,” she said, adding that the company is concentrating on helping Arnal’s family.