sharon sanders
Editor-in-Chief & President
Big Lots files for Chapter 11 bankruptcy protection, plans to sell assets to Nexus Capital
Discount retailer Big Lots has filed for Chapter 11 bankruptcy protection as it contends with a pullback in consumer spending and soft sales
ByMICHELLE CHAPMAN AP business writer
September 9, 2024, 9:17 AM
snip
Big Lots, which sells furniture, home decor and other items, said in a statement on Monday that high inflation and interest rates have hurt its business as consumers have pulled back on their home and seasonal product purchases, two categories the chain depends on for a significant part of its revenue.
more... https://abcnews.go.com/Business/wir...pter-11-bankruptcy-protection-plans-113514215
-------------------------------------------------------
Earlier this year......
snip
99 Cents Only, a chain on the West Coast and Texas, has also suffered from missteps, including stores that were too large and inefficient to run.
“They never had the right business model. They were never going to get there,” said David D’Arezzo, a former top executive at Dollar General and other retailers.
Here’s a look at what’s gone wrong at both chains.
‘They didn’t know how to run Family Dollar’
Family Dollar will close 600 locations this year, and 370 stores over the next several years as store leases expire. These locations are unprofitable for the company, Dollar Tree CEO Rick Dreiling said on a call with analysts last month.
more... https://www.cnn.com/2024/04/11/business/family-dollar-99-cents-only-closing/index.html
Discount retailer Big Lots has filed for Chapter 11 bankruptcy protection as it contends with a pullback in consumer spending and soft sales
ByMICHELLE CHAPMAN AP business writer
September 9, 2024, 9:17 AM
snip
Big Lots, which sells furniture, home decor and other items, said in a statement on Monday that high inflation and interest rates have hurt its business as consumers have pulled back on their home and seasonal product purchases, two categories the chain depends on for a significant part of its revenue.
more... https://abcnews.go.com/Business/wir...pter-11-bankruptcy-protection-plans-113514215
-------------------------------------------------------
Earlier this year......
snip
99 Cents Only, a chain on the West Coast and Texas, has also suffered from missteps, including stores that were too large and inefficient to run.
“They never had the right business model. They were never going to get there,” said David D’Arezzo, a former top executive at Dollar General and other retailers.
Here’s a look at what’s gone wrong at both chains.
‘They didn’t know how to run Family Dollar’
Family Dollar will close 600 locations this year, and 370 stores over the next several years as store leases expire. These locations are unprofitable for the company, Dollar Tree CEO Rick Dreiling said on a call with analysts last month.
more... https://www.cnn.com/2024/04/11/business/family-dollar-99-cents-only-closing/index.html