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January 1, Off-Price Retailer Teeters on the Brink Threatens 315 Store Closures
A once-thriving American business, off-price retailer Big Lots, continues to threaten store closures, painting a grim picture for the future of the retail giant. After indicating earlier this year intentions to close up to 40 stores due to financial uncertainty, the company has now raised that potential closure count to a staggering 315 stores.
Big Lots, which currently operates 1,389 stores in 48 states (sans Hawaii and Alaska), has a notable presence in states like Texas, Florida, California, and Ohio. The staggering number of potential closures has already been indicated on Big Lots’ store locator page, with banners announcing “CLOSING THIS LOCATION” displayed prominently.
Although several states are under consideration for store closures, there are a few that have managed to dodge the bullet for now. Idaho, Iowa, Mississippi, Nebraska, New Mexico, North Dakota, Oklahoma, Rhode Island, Texas, and West Virginia have all been exempted from this round of closures.
In explanation of this move, a company spokesperson said, “While the majority of our stores are profitable, we have made the difficult decision to close certain underperforming stores.” The representative further emphasized that the step is intended to realign the company’s focus on their core business competence and value proposition, promising an unambiguous value to customers.
In an attempt to manage their workforce, the company has offered its affected employees the option to transfer to another Big Lots store. Furthermore, severance pay will be available for those who are unable to transfer.
The retailer has been grappling with declining sales, experiencing a 10.2 percent drop in net sales in the first quarter of 2024 alone. Citing “net losses and use of cash in operating expenses” from previous years and current financial projections, the company’s future seems uncertain, with allegations of potential insolvency.
Big Lots CEO, Bruce Thorn, offered some insight into the company’s financial difficulties, attributing the decline in sales to a pullback in consumer spending, particularly on discretionary items. Despite the challenges, Thorn remains hopeful, outlining the company’s intention to improve its performance through a package of five initiatives. These newly outlined strategies aim to reaffirm the company’s commitment to bargains, communicate unmistakable value, increase store relevance, win customers’ loyalty, and enhance productivity.
As we await further updates from Big Lots on the impending closures, it’s disheartening to see another American business struggling to stay afloat. This situation underlines the crucial importance of fiscal responsibility and strategic decision-making in preserving the American dream.
As our loyal readers, we encourage you to share your thoughts and opinions on this issue. Let your voice be heard and join the discussion below.
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Frank RUPEKA
August 12, 2024 at 4:44 pm
The writings have been on the Walls, for some TIME ! Small little bit here a little bit there. The Reason will not STOP! Its is the same reason from the beginning of TIME! Riches ! SEX ! POWER ! in that order till NOW ! SEX is a obsolete factor now. WHEALTH an POWER ! The only way to do this. Is controll the MASS ! Somebody has to do the WORK! so the SUPPER lazy who want every thing like a KING or Queen but no work, WHO doesn’t ? But MATH ? CARMA ? GOD ? ALLIENS ? No WORK , NO FOOD, No Electricity ! You get the POINT. So to control the PEOPLE ! You must become a DICTATOR ? Or the best being a GOVERNMENT for the PEOPLE by the PEOPLE !! Way Harder to over through than a DICTATOR !! Now the writing on the WALL , or in FACT your VERY LIFE !! Gov. has been doing all TAXES/ go GREEN? stop drilling / take this DRUG / Do not ask questions about any thing we do / The very FACT YOU ?? Put us INCOMAND of YOU for your OWN GOOD or OURS !! Any thing a GOVERNMENT can not CONTROL is a DANGEROUS FLAW to KEEPING their POWER!! The ELITE/ Wealthy/ Laws an RULES do not APPLY too THEM !! YOU can not even get the same Medical TREATMENT as them.!! Or taken to a mountain under ground Due too NUCULAR ATTACK !! All the money being spent on clean an green. We could be building SAFE underground in all parts of USA Cities for those Who do the WORK. SO after the destruction on TOP of the GROUND. The workers will bust their backs again to feed the the GOVERNMENT and do all the work . Or maybe ? JUST MAYBE ? all this AI / Robots, MAKE WORKERS OBSOLETE in SO MANY FORMS ?? WHOLE POINT !!! To due all this ! You must CONTROL al aspects of LIFE!! Food/ JOBS/ Quality of food Air you Breath/ THE very WATER you drink to even LIVE ! CAN ANYONE SEE what has been going on ? apparently the CORRECT answer is NO!! WHAT CHOICES DO YOU!! HAVE ? can YOU own GROUND / WRONG ! do not pay TAXES!! Gov. will take it away from you and SHERRIF SELL IT ! Just a simple FACT ! All of YOU ? are just renters/ sleepers under the BRIGES of GOVERNMENT. PROVE ME WRONG ! Just look at the news you are permitted to see and hear. It is so Desiccating ! Could YOU ? even imagen the TRUTH about what they are doing behind very closed DOORS??? THE only possible final out come of any GOOD? If there is a GOD ? or even Better / ALLIENS !! At least they might protect the WORKER BEES, to produce things for them that machines, computers can not fix. What might that maybe? hopping it would not be full FLEDGE, WAR of the WORLD. Where they Drain YOUR to death! But BLOOD down to minim, NOT completely. This way all things could go back to normal. YOU ? working, some feeding the BLOOD doners, till they are DRAINED, then your turn to rest feed and do it all over again. WECOME TOO THE REAL NEW WORLD ORDER of LIFE ?