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 ...
BIDENOMICS!
My current ‘purchasing behavior’ is to keep food on the table by shopping Loss Leaders and growing my own, buying gasoline once a week at the same station at the same time of day to ‘dollar cost average’ the selling price and to keep my house warmer in the Summer and cooler this coming Winter.
Wool socks, sweatshirts and wool caps indoors will be my ‘fashion statement’ this coming Winter. Extra quilts on the bed and a few cats thrown on there for body heat.
*SPIT*
“Help us, Obi-Wan Trump! You’re our only hope!”
We eat at Chili's several times a month. Their 'Old Timer with Cheese' Burger deal with drink and appetizer (salad, soup or chips & salsa) for $10.99 beats all the Fast Junk Food places hands down!....................
Buy gasoline/diesel fuel in the EARLY MORNING when it’s cooler than the afternoon. Gasoline is denser in cooler temperatures, which means you may get more volume for the same price. .......................
Creditors screwed
I always heard that in bad economic times, the discount stores actually increased business because this is where people still could shop. The luxury brands or faux luxury brands are the ones that go out of business.
Gasoline is stored at constant temperature under ground
except that the top 1% are doing well under Biden/Harrisnomics. so high end stores are still doing well.
when the stores that provide so many lower income buyers with the things that make life more bearable at a price more can afford you just KNOW that a livable and moderately happy lifestyle has become unaffordable to the masses. the current slate of politicians would do well to realize and consider that this same dilemma for the great “unwashed” and the political “solutions” to it is what led to the French revolution and the consequent beheadings of the very leaders who thought they could “put one over on the uneducated”. our illustrious elitist leaders of today and their media sycophants have stated as much. “the people just don’t understand how much their dear leaders have done to make their lives more bearable” is the refrain AND chorus of the current media figures who love to point out that the general population is just too dumb to understand that being crushed by our own government is actually GOOD for us. perhaps the French had a point. now where is that confounded guiotine when you need one.
Inflation:
=
Saving by one stop shopping trips for all necessities:
Chapter 11
I thought that accountant was sniffing a lot.
We have a local chain called ‘Ollie’s’ that is what Big Lots used to be.
There’s a Big Lots within walking distance of my house...........................
Dollar General didn’t make its predicted sales.
Ollie’s here has nothing but junk, when they first opened it was not the case.
Ours is in Niceville, FL. Twelve miles from my house and we go practically every weekend. It has great prices and is always crowded...............
I’m the opposite. I’m blowing my kids inheritance before democrats confiscate it or make it nearly worthless.
Not ro mention having stores in an urban en where lawlessness runs rampant.
Pretty much, if not all of the Big Lots here in western Washington have got ‘store closing’ signs and they’ve had them up for the last month.
The top 10% always does well. That’s how they got to be the top 10%.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.