Big Lots files for bankruptcy amid significant store closures [Los Angeles Times (CA)]
Big Lots, Inc. (BIG)
Last big lots, inc. earnings: 2/27 04:05 pm
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Source: Los Angeles Times
Known for carrying a wide array of products at budget prices sold in stores that offered a treasure-hunt atmosphere, the company will shut down hundreds of more stores as it navigates bankruptcy and new ownership. “Though the majority of our store locations are profitable, we intend to move forward with a more focused footprint,” Big Lots President and Chief Executive Bruce Thorn said in a statement Monday. Big Lots has been struggling in recent months and has posted 16 consecutive quarters of comparable sales declines, CBS News reported . The company also received a delisting notice from the New York Stock Exchange, it announced Monday, because the average closing price of shares was less than $1 over a consecutive 30 trading-day period. “Like many other retail businesses, the Company has been adversely affected by recent macroeconomic factors such as high inflation and interest rates that are beyond its control,” Big Lots said in a statement announcing the bankruptcy. Lower
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