Is Big Lots in financial trouble?
Is Big Lots in financial trouble?
The company ended the fourth quarter of fiscal 2021 with $54 million of Cash and Cash Equivalents and $4 million of Long-term Debt, compared to $560 million of Cash and Cash Equivalents and $36 million of Long-term Debt as of the end of the fourth quarter of fiscal 2020.
Why is Big Lots down?
Big Lots stock fell almost 5% in premarket trading after the discount retailer posted a net loss for the third quarter of 2021, and provided a downbeat earnings outlook for the current quarter as it grapples with ongoing supply issues.
Who did Big Lots buyout?
On July 19, 2011, Big Lots announced that it had purchased Liquidation World Inc., a Canadian closeout retailer with 89 locations. The cost of the acquisition was $20 million in cash and the assumption of certain liabilities.
Is Big Lots publicly traded?
As a publicly traded company on the New York Stock Exchange (NYSE: BLI), Big Lots employs over 40,000 associates and has grown to more than 1,350 stores in 45 states.
Is Big Lots a growing company?
Detailing its long term ambitions, discounter Big Lots said that it could open 500 net stores, or more, in the coming years. The retailer plans to add more than 50 net new stores in 2022 and more than 80 per year after that, according to an investor presentation.
What was Big Lots original name?
The Consolidated Stores Corporation
The Consolidated Stores Corporation, a chain of closeout stores, has changed its name to Big Lots to take advantage of its best-known brand. The company said it would also change the names of its Odd Lots, Mac Frugal’s and Pic ‘N’ Save stores to Big Lots in the next two years. The company is based in Columbus, Ohio.
Why is Big Lots stock so cheap?
Big Lots products are cheap because the store is a liquidation store, meaning it outsources items that haven’t been sold in other stores and restocks them on its shelves. What is this? Additionally, Big Lots acquires inventories from other companies at big discounts and sells them to consumers at affordable prices.
What company owns Big Lots?
Consolidated International, Inc.
In 1967, Sol Shenk founded Consolidated International, Inc. – the company that is now Big Lots. He’s considered one of the true visionaries in the discount retail marketplace.
Did Big Lots buy Broyhill furniture?
COLUMBUS, Ohio — Top 100 discount retailer Big Lots has acquired the rights to the Broyhill name and its related trademarks after being the runner-up bidder on Broyhill and other assets of the bankrupt Heritage Home Group this past fall.
Why is Big Lots successful?
Big Lots has access to advanced analytics, KPIs and reporting which has led to developments such as lost sales analysis, helping the retailer better plan for the next season.
Who is Big Lots parent company?
What’s happening with Bigbig lots?
Big Lots ( BIG) – Get Big Lots, Inc. Report shares plunged lower Friday after the discount retailer posted a surprise first quarter loss amid what it called “significant” cost and margin pressures brought by the fastest U.S. inflation in more than forty years.
What happened to Big Lots in the first quarter?
Big Lots (NYSE:BIG) reported a sales decline of 15.4% to $1.37 billion and a loss of $11.1 million in the first quarter. Thorn said the company missed its sales expectations by about $100 million, 90% of which is attributable to those key furniture, home and seasonal categories.
Why is big lots facing margin challenges?
Big Lots is persistently facing margin challenges due to the supply-chain disruptions. In addition, other inflationary pressures and higher freight costs have been weighing on BIG’s performance for a while.