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☆ Big Lots files for bankruptcy protection, sells to private equity firm as it promises to keep offering 'extreme bargains'
▼ + stars: | 2024-09-09 | by ( Gabrielle Fonrouge | ) www.nbcnews.com time to read: +4 min

Discount home goods retailer Big Lots filed for bankruptcy protection on Monday after high interest rates and a sluggish housing market slowed demand for its low-priced furniture and decor. As part of its Chapter 11 filing, Big Lots agreed to sell its business to private equity firm Nexus Capital Management for about $760 million, consisting of $2.5 million in cash plus its remaining debt and liabilities, court records show. While discount retailers tend to do well in rough economic cycles, Big Lots primarily caters to lower- and middle-income consumers, who have curbed discretionary spending at a higher rate than their more affluent counterparts. “Big Lots is not always good value for money. A&G Real Estate Partners has been tapped as Big Lots’ real estate advisor, while Nexus will be represented by law firm Kirkland & Ellis.

Persons: Lots, Bruce Thorn, ” Evan Glucoft, ”, Big, Glucoft, Cos, ” Neil Saunders, GlobalData, ” Saunders, Davis Polk, Kirkland, Ellis Organizations: Big, Nexus Capital Management, Walmart, Goods, Guggenheim Securities, Real, Partners

☆ Big Lots files for bankruptcy
▼ + stars: | 2024-09-09 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Big Lots, the beleaguered discount retailer that previously warned it had “substantial doubt” about its survival, has filed for bankruptcy. As part of its Chapter 11 filing, the retailer announced that private equity firm Nexus Capital Management is acquiring “substantially all” of Big Lots stores and business operations. Big Lots blamed several economic factors for its bankruptcy, including high inflation and interest rates. Big Lots is in the process of closing roughly 300 of its 1,400 store across the United States. Big Lots joins a growing list of well-known retailers hitting financial turbulence as customers cut back spending on non-essential items.

Persons: ”, Bruce Thorn, McDonald’s, it’s, Sarah Foss, ” Foss Organizations: New, New York CNN, Nexus Capital Management, Lots, Walmart, Debtwire, CNN Locations: New York, United States

☆ Big Lots is closing hundreds of stores after warning it could go out of business
▼ + stars: | 2024-08-13 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Big Lots is closing more than 300 locations across the United States, or roughly 4% of its stores, following an earlier warning that its future was in “substantial doubt” amid ongoing financial troubles. In a recent regulatory filing, Big Lots said it would increase the number of closures to 315 stores, part of an updated loan agreement to secure its finances. A specific list wasn’t revealed, but Big Lots is listing closing sales at hundreds of its 1,389 stores on its website. Bob’s Stores and 99 Cents Only Stores also went out of business earlier this year. Shares of Big Lots (BIG) are down nearly 90% for the year.

Persons: Lots, Bruce Thorn, “ Organizations: New, New York CNN, CNN Locations: New York, United States, ”

☆ Big Lots says its decision to accept Bed Bath & Beyond coupons is drawing more 'dislocated' shoppers to the struggling discount retailer
▼ + stars: | 2023-05-26 | by ( Ben Tobin | ) www.businessinsider.com time to read: +2 min

Big Lots is one of many retailers that have accepted Bed Bath & Beyond coupons at their stores. Big Lots president and CEO Bruce Thorn said the retailer is trying to pick up 'dislocated' BBBY customers. For Big Lots, a discount furniture and home decor retail chain that's been wrestling with its own financial problems, Bed Bath & Beyond's pain has been its gain, per Big Lots executives. He said Big Lots also plans to focus on "other companies that unfortunately have gone out of business." The Container Store, JoAnn, and Sur La Table have also been accepting Bed Bath & Beyond coupons in hoping to attract new customers.

☆ Here's where you can use Bed Bath & Beyond coupons now
▼ + stars: | 2023-04-27 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Bed Bath & Beyond’s competitors are coming to the rescue of customers looking to use expired coupons issued by the failed retailer. Big Lots said Thursday that it’s “assisting shoppers nationwide” by accepting expired Bed Bath & Beyond coupons until May 7. Bed Bath & Beyond coupons are being accepted at other stores. History of Bed Bath & Beyond’s couponsBed Bath & Beyond introduced its oversized coupon for 20% off a single item three decades ago. Now that the company is going through a liquidation process, Bed Bath & Beyond said it’s the end of the road for the coupons.

☆ A perfect storm of food-stamp cuts and low tax refunds is looming — and discount chains like Dollar General and Big Lots could feel the pain
▼ + stars: | 2023-03-17 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +5 min

Off-price retailers are worried that cuts to food stamps and smaller tax refunds will hurt sales. Tax refunds are also likely to be smaller because of the wind-down of some expanded tax credits. At the same time, certain beefed-up tax credits are no longer available, which means many taxpayers are preparing for smaller tax refunds this year. "At this point, 30% of that lower household income customer, their expenses today are greater than their income coming in. The 32 states that will wind down SNAP benefits this month join the 18 states that cut those benefits last year.

☆ Big Lots is closing stores in 2023 — see the full list
▼ + stars: | 2023-01-12 | by ( Alex Bitter | ) www.businessinsider.com time to read: +2 min

Big Lots released the latest list of store closures as it makes changes to its network. Going into 2023, Big Lots is also trying to increase the number of stores it has in more sparsely-populated areas of the US. The changes to Big Lots' store network come as the company faces declining sales. Historically high inflation has hit low-income consumers, Big Lots' primary customer base, particularly hard, CEO Bruce Thorn said in December. That's led many of them to hold off on buying the non-essential items that Big Lots sells, he added.

☆ Top 25 roundup: No. 5 Houston deals No. 2 Virginia first loss
▼ + stars: | 2022-12-18 | by ( ) www.reuters.com time to read: +10 min

2 Virginia its first loss, 69-61, Saturday in Charlottesville, Va.Marcus Sasser and Tramon Mark added 13 points each, while Jamal Shead had 11 points and four assists. Furst finished with 12 points and 13 rebounds, and Smith posted 10 points and 12 rebounds. Sam Mennenga led Davidson (7-4) with 14 points and Foster Loyer, Fletcher's brother, had 11 points. Kevin McCullar contributed 11 points, 11 rebounds and five steals, while KJ Adams and Jalen Wilson added 11 points apiece. Trayce Jackson-Davis had 13 points and a career-high nine blocked shots for Indiana (8-3), which lost its second straight game.

☆ Top 25 roundup: 17-0 surge carries Rutgers past No. 10 Indiana
▼ + stars: | 2022-12-04 | by ( ) www.reuters.com time to read: +6 min

Aundre Hyatt chipped in 11 for Rutgers, which survived shooting 36.7 percent and a quiet showing from Clifford Omoruyi. Miller Kopp scored 21 points for Indiana (7-1, 0-1) but the rest of the Hoosiers experienced frustrating showings against Rutgers' varied defenses. Logan Johnson recorded 17 points, six rebounds and five assists for Saint Mary's (6-3), which lost its third straight game. Matthew Cleveland added 11 points and a game-high 10 rebounds, with Jalen Warley and Caleb Mills each scoring seven points. Alex Arians finished with (17 points, six rebounds), followed by William Kyle III (eight points, six rebounds, five assists) and Zeke Mayo (12 points, seven rebounds).

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