Big Lots on the verge of closing hundreds of stores

The Street
The Street
  • 2 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Big Lots is set to close hundreds of stores.

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Transcript
00:00I'm Conway Gittens reporting from the New York Stock Exchange. Here's what we're watching on the street today.
00:04Earnings season is helping to restore order on Wall Street. There are signs, however, of a slowing economy,
00:11especially when it comes to travel and tourism.
00:14Theme Park attendance at Walt Disney fell last quarter and it expects attendance to cool for the remainder of the year.
00:21Airbnb says economic uncertainty is impacting its bookings and quarterly revenue at TripAdvisor came in below
00:29estimates. The state of the labor market will be in focus when new jobless claims data are released Thursday on the heels of July's
00:36surprise spike in unemployment.
00:38In other news, Big Lots is planning a big
00:42downsizing. The discount warehouse retailer is now expected to shut more than 300 locations.
00:48That's way more than the 35 to 40 stores that planned to close just a few weeks ago.
00:53According to a regulatory filing with the Securities and Exchange Commission, the company said quote in
00:592024, the US economy has continued to face macroeconomic challenges, including elevated inflation,
01:05which has adversely impacted the buying power of our customers.
01:09Specifically, Big Lots previously said its core consumers were pulling back on bigger ticket discretionary items.
01:17The accelerated store closure plan comes as Big Lots bleeds cash. It lost
01:23$105 million in the first quarter. Sales during that period tumbled 10%
01:28compared to the same time the prior year. The company will provide more details on a turnaround planned when it reports quarterly results in
01:35September. And that'll do it for your daily briefing from the New York Stock Exchange. I'm Conway Gittins with The Street.

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