Posted on 09/09/2024 6:33:15 AM PDT by Diana in Wisconsin
Big Lots, the beleaguered discount retailer that previously warned it had “substantial doubt” about its survival, has filed for bankruptcy.
As part of its Chapter 11 filing, the retailer announced that private equity firm Nexus Capital Management is acquiring “substantially all” of Big Lots stores and business operations. During the process, its locations and website will remain open for shopping.
“The actions we are taking today will enable us to move forward with new owners who believe in our business and provide financial stability, while we optimize our operational footprint, accelerate improvement in our performance, and deliver on our promise to be the leader in extreme value,” said Big Lots CEO Bruce Thorn in a press release.
Big Lots blamed several economic factors for its bankruptcy, including high inflation and interest rates. That has led customers to change their purchasing behavior. They’re seeking out value – but not necessarily lower costs. That’s why dollar stores have been struggling while sales at Walmart and Amazon have been booming. It’s also why McDonald’s has been struggling while casual chains like Applebee’s have been growing.
“The prevailing economic trends have been particularly challenging to Big Lots, as its core customers curbed their discretionary spending on the home and seasonal product categories that represent a significant portion of the company’s revenue,” it explained.
More store closures could be coming, too. Big Lots is in the process of closing roughly 300 of its 1,400 store across the United States. No additional closures were announced Monday, but Big Lots warned it will “need to close certain locations to ensure that our business operates efficiently and we can continue serving our customers.”
(Excerpt) Read more at channel3000.com ...
Used to have a good selection of books on guns and related topics..Now just dated junk least at the local one.
I have an Ollie’s store here by me too in NW Indiana.
The next cut hurts: canceling Oktoberfest weekend in Fredericksburg. Lodging costs went through the roof at $400 per night. My extended family has a combo birthday party that weekend, so that also put the kibosh on the trip.
I’m not giving up my wine clubs for now, at least through next year. All told, my monthly expenses will be reduced by $500 by the end of the year.
Nexus Capital Management is acquiring “substantially all” of Big Lots stores and business operations?.
What do they know what’s coming down the pike?.
They were going downhill when they starting selling furniture, and their food and house chemical prices started rivaling those of non discount stores. Then the dollar stores took the low end single use market away.
Big Lots! was better when it was known as pic’n save. One could always find a decent product at a very good price at a pic n save.
I hope the one on Navy Boulevard in Warrington, Florida doesn’t close. They have Victor Allen coffee K-cups cheaper than at Wal-mart, and the store is less than 5 miles from my house.
Yep. My 2001 VW Golf needs ‘the good stuff’ because she’s an old girl. Of course it’s more expensive, but she’s worth it. She and I are early risers. ;)
I wish I had an Ollie’s. I hear they’re worth the trip.
I generally shun any and all spending in times like these and stash the cash. Necessities are all I’m after at the best price possible.
Luckily, I have simple tastes: I happen to LIKE rice and beans. :)
Mother Government can kiss my butt!
Well, you DO have a valid point...unfortunately!
Ollie’s specializes in closeouts, damaged shipments, over productions and store closure inventories.
Just like Big Lots used to do.
Our Big Lots is usually nearly empty, because their prices aren’t that much different than other stores.
Where they went wrong was when they started selling furniture, mattresses and other ‘hard goods’ that are costly and take up lots of floor space, and people don’t buy that kind of merchandise every day.................
Great points. Necessary points!
There’s a couple I watch on You Tube - ‘Under the Median’ and they are experts at saving money, budgeting, etc. I’ve learned a LOT from them - even though I am debt free and live a pretty simple lifestyle.
They challenge themselves (and others) to cutting just 10% out of each budget category when you feel you’re kind of against the wall. I really like that idea.
I followed Dave Ramsey for decades, and before him ‘Your Money or Your Life’ was a great eye-opening book. Before Dave was Amy Dacyczyn, ‘The Tightwad Gazette.’ I actually got her monthly newsletter IN THE MAIL back when that was fashionable, LOL!
Lots of ways out there to save a buck or two. You just have to really WANT to do it. And I wanted to do it! Retired from ‘work’ at 56, debt free. I should never have to work for a paycheck ever again, and I am thankful for THAT!
I’ve read that about Big Lots, too. I think I have been in one ONCE in my lifetime. I really don’t have many choices where I live. But, that works for me. :)
We stopped shopping there regularly years ago after they removed the hardware section of their store. That was my husband’s favorite part, and they had some good bargains on unusual items. I always enjoyed their food section, because they had unusual items not found elsewhere. Now they’re basically a furniture store with a few miscellaneous sections.
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