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Struggling Big Lots preparing bankruptcy filing, will sell stores: report
New York Post ^ | Sep. 6, 2024

Posted on 09/07/2024 4:19:13 AM PDT by george76

Discount home goods retailer Big Lots is preparing to file for bankruptcy as early as this Sunday and plans to sell its chain of stores through a court-supervised process..

The company will remain in operation under Chapter 11 protection, the report said, and is currently in the process of securing a stalking horse bid, which means that the bid could be outdone if better offers emerge.

Earlier in the day, the retailer announced the postponement of its second-quarter earnings release, which had been scheduled for Friday. The company now expects to report results on Sept. 12.

...

Big Lots, a retailer operating around 1,400 stores and employing over 30,000 workers, has been grappling with declining sales over the past few quarters, putting pressure on its balance sheet.

...

Its stock has plunged more than 90% in the past year and dropped more than 22% in extended trading on Friday.

(Excerpt) Read more at nypost.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: bankruptcy; bidenomics; biglots; economy
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1 posted on 09/07/2024 4:19:13 AM PDT by george76
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To: george76

“Its stock has plunged more than 90% in the past year and dropped more than 22% in extended trading on Friday.”

Buy! Buy! Buy!


2 posted on 09/07/2024 4:37:48 AM PDT by ProtectOurFreedom (“When exposing a crime is treated like a crime, you are being ruled by criminals” – Edward Snowd)
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To: ProtectOurFreedom

I used to be a big fan of them but over the years they have gotten away from their roots.
Instead of overstocks, they now just sell cheap knockoff crap and it shows in their bottom line.
I would not recommend to buy at all.


3 posted on 09/07/2024 4:48:31 AM PDT by Adder (End fascism...defeat all Democrats.)
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To: ProtectOurFreedom

Take yer pick:

A. Don’t try to catch a falling knife.
B. Buy when everyone else is selling.

I consulted my Magic 8-Ball on this. It said, “Ask again later.” That was no help at all.


4 posted on 09/07/2024 4:54:18 AM PDT by Leaning Right (The steal is real.)
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To: george76

Build Back Better. Don’t recall all these businesses having bankruptcies and going under when Trump was president.


5 posted on 09/07/2024 5:31:16 AM PDT by tflabo (Truth or tyranny)
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To: tflabo

Build Back Better.


This is the Destruction Phase. That’s what Joe was brought in for.


6 posted on 09/07/2024 5:31:44 AM PDT by dfwgator (Endut! Hoch Hech!)
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To: george76

30,000 workers pink-slipped would tick up the unemployment data. 1400 stores closing would add strain to the already struggling commercial real estate market. Bidenomics at its finest.


7 posted on 09/07/2024 5:35:47 AM PDT by NautiNurse (With a cough and a sputter, the original lying dog-faced pony soldier is led out to pasture. )
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To: ProtectOurFreedom

Big Lots stock closed up 9% Friday at $0.4968/share. In after hours trading, BIG fell 40% to $0.2989.


8 posted on 09/07/2024 5:42:00 AM PDT by NautiNurse (With a cough and a sputter, the original lying dog-faced pony soldier is led out to pasture. )
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To: george76

I’ve never gone shopping there. Not even once.


9 posted on 09/07/2024 5:51:48 AM PDT by GaltAdonis
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To: george76

We don’t get there often, but, in wandering the store, we find things we couldn’t fine elsewhere.

It is an interesting place to visit.


10 posted on 09/07/2024 6:05:26 AM PDT by ConservativeMind (Trump: Befuddling Democrats, Republicans, and the Media for the benefit of the US and all mankind.)
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To: GaltAdonis

Me, either. In fact, i don’t think I’ve ever seen one of their stores.


11 posted on 09/07/2024 6:28:12 AM PDT by ProtectOurFreedom (“When exposing a crime is treated like a crime, you are being ruled by criminals” – Edward Snowd)
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To: Adder
Instead of overstocks, they now just sell cheap knockoff crap and it shows in their bottom line.

Agreed. A lot of "Broyhill" furniture, reminding me of K-Mart near the end when they made "Curtis-Mathes" a house brand for TVs. Still, best deal for disposable cups for my church coffee and donuts. The ones near me are closing. I will miss them a bit.
12 posted on 09/07/2024 6:29:25 AM PDT by Dr. Sivana ("Whatsoever he shall say to you, do ye." (John 2:5))
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To: ConservativeMind

My wife and daughter go there once in a while. I haven’t been there enough to remember what they have.


13 posted on 09/07/2024 6:31:25 AM PDT by telescope115 (I NEED MY SPACE!!! 🔭)
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To: Adder

I used to buy delicious Canadian fudge cookies at my local Big Lots. Then I went on a diet and quit going completely.


14 posted on 09/07/2024 6:49:01 AM PDT by armourenthusiast (I capitalize everything related to South)
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To: armourenthusiast

I used to buy delicious Canadian fudge cookies at my local Big Lots. Then I went on a diet and quit going completely.


So it’s YOUR FAULT! ;)


15 posted on 09/07/2024 6:50:27 AM PDT by dfwgator (Endut! Hoch Hech!)
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When they were a surplus and close-out inventory seller at barely over their cost, they were a real bargain, hit or miss for anything you might want with their random inventory.

Then they got too big for their britches thinking they could convert to a stable inventory chain like Target or Walmart. Prices went through the roof and customers not through the doors anymore.

Ollies is the one.


16 posted on 09/07/2024 7:21:17 AM PDT by USCG SimTech
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To: george76

Interesting how the Biden/Harris economy is destroying private enterprise. Not much said about it in the MSM. However, let Trump cut back on the size of government and the MSM will scream bloody murder.


17 posted on 09/07/2024 7:55:34 AM PDT by Parley Baer (e)
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To: george76

Investment companies like Blackrock, Vanguard, etc. bring almost unlimited funds to companies like Amazon. Amazon then builds more huge distribution centers/warehouses making it very difficult for retailers to compete.

There won’t be any jobs left if we continue in this direction.

I don’t know enough about Big Lots situation but, overall, Amazon and other big tech companies almost have a blank check to crush any competition.


18 posted on 09/07/2024 7:59:12 AM PDT by boycott
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To: NautiNurse

Most likely the plan of reorganization will call for the wipeout of current equity holders. I started investing at the beginning of COVID. One example was Party City, the price of which had collapsed, I think to about $.45. Made a bundle when it came back, average of 1400% return. When they were about to declare bankruptcy I got back in and hopped out. It was just a toe in the water the second time around and still made over 1000% overall


19 posted on 09/07/2024 8:51:24 AM PDT by j.havenfarm (23 years on Free Republic, 12/10/23! More than 8,000 replies and still not shutting up!)
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To: boycott
Big Lots could have thrived with Amazon if Big Lots stuck to selling overstock and liquidated items from other retailers.

Instead, Big Lots tried to compete with the very companies they had been purchasing overstock items from.

20 posted on 09/07/2024 8:52:12 AM PDT by T.B. Yoits
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