Posted on 07/11/2024 10:11:29 AM PDT by Ciaphas Cain
Big Lots is warning investors that it might not be around much longer.
The discount chain, in a filing with the Securities and Exchange Commission (SEC), warned there was "substantial doubt about the Company’s ability to continue as a going concern." Big Lots has reported net losses and burned up its cash reserves in 2022, 2023 and the first quarter of 2024. In May, it reported a quarterly loss of $205 million, citing "a continued pullback in consumer spending by our core customers, particularly in high ticket discretionary items."
In the remainder of the year, Big Lots said, it plans to open three new stores, but will close between 35 and 40. (The company reported 1,392 locations at the start of 2024.) It did not disclose in the filing which locations were at risk of shutting down.
The company also said it has an increasing long-term debt load, which jumped $72.2 million, from $501.6 million in the first quarter of 2023 to $573.8 million in the first quarter of 2024.
(Excerpt) Read more at fortune.com ...
Aughts, not oughts
Is it that there isn’t as much overstock anymore, or the prices too high? People tired of cheaply made chinese crap? Both?
= = =
Maybe people have enough stuff. (excluding food and beer)
Or can just steal it from the high end stores.
Good couch-faux leather. Less than $500. Liked it.
It mystifies me as to why a landlord would prefer a vacant property to one which pays at least SOME rent. It would make more sense to first secure a higher paying tenant.
Probably a fairly SURE sign that the OWNER is a LIBERAL!
“Good couch-faux leather.”
Nuvella outdoor fabric.
“Less than $500.”
$1162 Patio wicker
There has been a Big Lots coming soon sign on an abandoned Walmart strip mall now for at least two years. Looks like they won’t make it at all. The Walmart that anchored the little strip mall was one of the early ones, built in 1971. The owner claims to want to refurbish it attempting to revitalize that end of town that has become increasingly seedy looking since Walmart and just about everything else moved to the other end of town. City father’s in their infinite wisdom are holding up the project while they debate about whether or not to give dispensation for the parking lot size being smaller than their zoning standards. A parking lot that has been there for 50 years, a parking lot that is impossible to expand without buying and tearing down residential areas. Still, they brilliant city fathers debate. More small town insanity, more Oklahoma ignorance, more corruption probably.
I remember those days of the early Big Lots too.
Yes looks like only big name stores will be left standing Joey what caused that?.
The handwriting has been on the wall for years. Brick & Mortar has been an outdated business model since Amazon sold its first book.
We bought a couch at Big Lots when our daughter first moved out of the house and into an apartment. Cost like 300 bucks, vinyl covered, huge and heavy. It was comfy and lasted her through several apartment moves, so turned out to be a good buy. Finally threw it into the dumpster when she moved into a house with her husband, as he had a better couch already.
There’s nothing at Big Lots that you can’t get elsewhere, though, except the cheap furniture - so we have not been in the local store in a long time.
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