All articles tagged with #big lots
Following Big Lots' bankruptcy and store closures, three well-known retailers—Burlington, Ocean State Job Lot, and Ollie's Bargain Outlet—purchased former Big Lots locations in Massachusetts, including stores in Revere, Webster, Auburn, Fitchburg, and Pittsfield.
Six Big Lots stores in Virginia are set to reopen on June 5 as part of the final wave of reopenings across several states, under new ownership by Variety Wholesalers, with grand celebrations planned for the fall.
Big Lots plans to close 35 to 40 stores this year and is considering filing for bankruptcy due to elevated inflation and reduced consumer spending. The company has not yet disclosed which stores will close, and this news follows similar financial struggles faced by other chains like Red Lobster, Rite Aid, and Bed Bath & Beyond.
Big Lots (BIG) shares fell 27.6% after an analyst downgraded the stock's rating to Sell and expressed concerns about the company's financial situation. The company provided comments on its preliminary fourth-quarter results and announced plans to report full-year 2023 results on March 7, 2024. Recent reports of the company seeking a loan amidst liquidity concerns have also impacted its stock. Despite recent challenges, the company reported strong second-quarter results and executed sale leaseback transactions to strengthen its liquidity position.
Big Lots stock surged 28% after reporting a smaller-than-expected quarterly loss, but warned of "significant pressure" on low-income shoppers who are holding back on higher-ticket purchases due to economic concerns. The retailer's comparable sales declined 14.6% in Q2, better than expected, and it expects a mid-teens percentage decline in comp sales for the current quarter. Big Lots is not providing full-year guidance but anticipates gross margins to increase by around 200 basis points. The company aims to capitalize on distressed inventory and serve customers affected by the closure of similar retailers like Bed Bath and Beyond.
Stocks traded mostly higher as investors anticipate upcoming economic data, including the U.S. jobs report, which will mark the end of a challenging month for equities. Some of the notable movers include NIO, AT&T, 3M, Big Lots, and Best Buy.
Oracle's stock rose after UBS upgraded it to a buy, citing potential AI-related gains. AT&T and Verizon also saw gains after being upgraded by Citi, which highlighted a stabilizing wireless market. Best Buy exceeded expectations in its second-quarter earnings report, leading to a rise in its stock. Big Lots surged after reporting a smaller-than-expected loss, and PDD Holdings saw a 14% increase in its stock after beating earnings expectations. Other companies, including Heico and Nio, experienced declines in their stock prices due to wider-than-expected losses and decreased deliveries, respectively.
Marvell Technology's Q1 earnings exceeded expectations, causing shares to surge almost 19%. Intuit reported mixed Q3 results, with revenue just below projections but an earnings figure that beat expectations. Gap announced a profit for Q1, surprising analysts who had predicted a loss, while Big Lots dropped nearly 9% in premarket trading after announcing a wider-than-expected Q1 loss and projecting Q2 comparable sales to decline in the high-teens range. The stock market is expected to have a mild upswing at the start of Friday's trading.
As Bed Bath & Beyond prepares to close all of its stores and stop accepting coupons on April 26, 2023, Big Lots and The Container Store have announced that they will accept Bed Bath & Beyond coupons for a limited time. Big Lots is offering a 20% discount on orders over $50 until May 7, 2023, while The Container Store is offering 20% off any single item until May 31, 2023, when customers present a competitor's blue coupon. Bed Bath & Beyond gift cards, merchandise credit, and Welcome Rewards can be used until May 8 and May 15, respectively.
The Container Store and Big Lots are now accepting expired Bed Bath & Beyond coupons to boost sales after the company filed for Chapter 11 Bankruptcy. The Container Store is offering 20% off any single item until May 31, while Big Lots is offering 20% off a purchase of $50 or more until May 7. Bed Bath & Beyond and Buy Buy Baby are no longer honoring coupons, but are still open as they look for a buyer.
Bed Bath & Beyond's competitors, Big Lots and The Container Store, have announced that they will accept Bed Bath & Beyond's popular blue and white 20% off coupons. Big Lots is offering a one-time discount of 20% on purchases over $50 until May 7, while The Container Store's offer runs until the end of next month and applies to the most expensive item purchased. Bed Bath & Beyond filed for Chapter 11 bankruptcy protection and stopped accepting coupons on April 26, but its gift cards are valid until May 8.