Today's Business Headlines: 8/7/24
Big Lots, the Ohio-based big box discount retailer with nearly 1,400 stores nationwide, is planning to close up to 315 stores in some three dozen states as persistently high inflation has kept customers away —The company submitted a filing with the Securities and Exchange Commission outlining the updated terms of a loan agreement with PNC Bank.
Last month, the company told the SEC in a separate filing that it would shutter between 35 and 40 stores by the end of the year.Airbnb shares tumble after warning of slowdown amid troubling trend by travelers“In 2024, the US economy has continued to face macroeconomic challenges including elevated inflation, which has adversely impacted the buying power of our customers,” Big Lots said in the filing.
The burgeoning debt means that Big Lots may not be able to pay back its creditors, “which raises substantial doubt about the company’s ability to continue as a going concern.” Big Lots acquires overstock and closeout merchandise from other retailers at a lower cost and then re-sells them at discount rates.On its web site, the company listed 293 locations that it planned to shutter — 73 of them in California; 21 in Arizona; 18 in Washington State; 25 in Florida; and eight in its home state of Ohio.
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Read more »
Big Lots plans dozens of store closures this yearThe retailer said it currently expects to open three stores and close 35 to 40 stores this year.
Read more »