Bed Bath & Beyond Inc.

is looking at fewer stores stocked with less stuff as a way to limit the amount of cash trapped in its operations.

The Union, N.J.-based company, which is known for stacking its home goods to the ceiling, is in the process of reducing the number of stores, bringing down its inventory and building out its distribution channels. Bed Bath & Beyond wants to close 63 stores by the end of its fiscal year in February 2021, for a total of 200 over the course of the next two years.

The home-goods retailer has been struggling with falling sales for years and had to temporarily close about 90% of its stores in the early days of the pandemic. Its stores have since reopened, and digital sales are up 89% in the three months ended Aug. 29. Still, revenue in its fiscal second quarter fell to $2.69 billion from $2.72 billion in the prior-year period, Bed Bath Beyond said earlier this month.

Chief Financial Officer Gustavo Arnal, who joined the company in May, is playing a key role in accelerating the retail chain’s transformation and freeing up cash for the business. “The way to get cash flow is working capital optimization,” Mr. Arnal said.

Bed Bath & Beyond’s working capital increased by nearly 10% to $1.24 billion in the year to the end of August, compared with the prior year period, according to CreditRiskMonitor, a provider of commercial credit reports.

The company has been trying to reduce its inventory levels for years, following a peak of $2.9 billion in fiscal 2016, but analysts said it still has room to go. Its fiscal 2019 inventory at $2.1 billion

National Transportation Lender Bolsters Leadership Team

LOS ANGELES, CA / ACCESSWIRE / October 12, 2020 / Crossroads Equipment Lease and Finance is pleased to announce and welcome Michael Jones as its new Chief Financial Officer.

With over 25 years of experience in Financial Services and FinTech industries, Jones is a natural fit. His track record of building successful teams in accounting, finance, capital markets and IT makes him a powerful addition to Crossroads’ leadership team.

“We are always looking for the most talented people to join our team and grow with us” says Howard Shiebler, the company’s president. “Michael brings deep industry experience, and he has demonstrated an ability to lead that we think is very exciting.”

Prior to joining Crossroads, Michael Jones was most recently CFO at Consolidated Analytics. Michael has also previously served in senior leadership roles at Lehman Brothers Bank and Wells Fargo Home Mortgage.

Michael has a Masters of Business Administration in Finance and Economics from the University of Iowa and a Bachelor of Science in Business Administration from Drake University. Additionally, he has earned the Chartered Financial Analyst designation through the CFA Institute.

About Crossroads Equipment Lease and Finance

Founded in 2006, Crossroads Equipment Lease & Finance is your professional partner in the transportation industry. We listen to our customers, work to understand their needs and strive to build long term business relationships by offering prompt, flexible, and tailor-made financing that preserves capital and positively impacts their business. Our expertise in underwriting, collateral evaluation and asset re-marketing facilitate solutions that maximize the competitive advantages of our customers in the market. For more information visit:

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If you would like more information about this topic, please call Chris Lewinski at 909-942-9440, or email:

Andrew Rear, CEO of Digital Partners, a Munich Re company, is appointed Buckle’s new Chairman of the Board

Buckle, a tech-enabled financial services company, announced the appointment of two industry leaders. Kristi Matus, who was Executive Advisor for Thomas H. Lee Partners and CFO of USAA, is now the company’s CFO and COO. Andrew Rear, CEO of Digital Partners, a Munich Re company, and an insurance and insurtech investor, has been appointed Chairman of Buckle’s Board.

“Buckle is rapidly moving in its mission to provide insurance, credit, and advocacy to Transportation Network Companies (TNCs) providers and platforms,” said Marty Young, Co-founder and CEO of Buckle. “As USAA has provided top-rated banking and insurance to military members and their families, we are passionate about doing the same for the gig economy. Kristi’s in-depth experience, from beginning her career as an actuary and quickly moving to the executive ranks of insurance, credit, and investment management will allow us to progress in our charge and navigate the company through rapid growth.”

During nearly a decade with USAA, Kristi also served as President of Life Insurance and Investment Services and as President of the Life Insurance Company. She was also Executive VP and Chief Financial and Administrative Officer at athenahealth, Inc. and Executive VP and Head of the Government Services Segment at Aetna, Inc. Kristi currently serves on the boards of Cerence (CRNC), Equitable (EQH), and Alliance Bernstein (AB).

“Throughout my career, I’ve sought opportunities where there was a genuine drive to create the asset of long-term economic value for shareholders while building a legacy of delighting customers,” said Kristi Matus. “Being part of the Buckle team allows me to utilize 30 years of experiences in a way that can truly transform finance and insurance to support the gig economy, consistent with economic and

The finance field has undergone massive changes in recent years, from the emergence of new technologies – which pose both challenges and opportunities – to the growing demand that finance leaders speak about and act on social issues. This has mandated that finance professionals at all levels – but especially those in leadership roles – move from out of the back office and into the public spotlight, adapting to a new normal in which finance pros are analysts, communicators and decision-makers.

In the first installment of my two-part Q&A with Karri Callahan, CFO of global real estate company RE/MAX, Karri and I discussed the state of the real estate industry as well as the challenges of being the central finance chief for a franchise-based enterprise. In part two, I asked Karri about her own unique insights and tips for aspiring finance leaders, given the upheaval and evolution of the field. In addition, I asked her about two of the most important issues in the finance function today – technological disruption and Diversity, Equity and Inclusion (DE&I) – and how her company has addressed these issues in a proactive way.

Thomson: In addition to finance, accounting, FP&A, and tax issues, you also oversee investor relations, legal, compliance and risk management matters at RE/MAX. How did your academic background in Accounting and Business Administration prepare you for the value creation aspect of your role? How does your role differ from traditional controllership? As the role of the CFO becomes more multifaceted, how can aspiring finance leaders better prepare themselves for providing strategy and insight?

Callahan: I came to RE/MAX from Ernst & Young with more than 12 years of accounting and auditing experience, joining the RE/MAX team as a Senior Manager of