They must have huge revenue if they can do this twice in a row. Just proves companies are raising costs more than necessary in every sector of the economy. Such a jerk thing to do to customers.
Sounds more like a way to burn excess inventory/slow moving products, thereby freeing up cash. The other option is to lower profits while improving cash flow/churn. Would need to see the financials to better get a sense of what they are doing.
But as the article states, other retailers are also doing this as well, so it could be a race to the bottom and only the strongest will survive