The company currently has more than 1,300 stores in operation across 48 states.
Transcript:
CONWAT GITTENS: Here’s what we’re watching on TheStreet today.
Earnings season is helping to restore order on Wall Street. There are signs, however, of a slowing economy – especially when it comes to travel and tourism. Theme park attendance at Walt Disney fell last quarter and it expects attendance to cool for the remainder of the year. Airbnb says economic uncertainty is impacting its bookings. And, quarterly revenue at TripAdvisor came in below estimates.
The state of the labor market will be in focus when new jobless claims data are released Thursday, on the heels of July’s surprise spike in unemployment.
In other news: Big Lots is planning a big downsizing. The discount warehouse retailer is now expected to shut more than 300 locations. That’s way more than the 35 to 40 stores it planned to close just a few weeks ago.
According to a regulatory filing with the Securities and Exchange Commission, the company said, “In 2024, the U.S. economy has continued to face macroeconomic challenges including elevated inflation, which has adversely impacted the buying power of our customers.” Specifically, Big Lots previously said its core consumers were pulling back on bigger-ticket discretionary items.
The accelerated store-closure plan comes as Big Lots bleeds cash. It lost $205 million in the first quarter. Sales during that period tumbled 10 percent compared to the same time the prior year.
The company will provide more details on a turnaround plan when it reports quarterly results In September.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
Subscribe |
Earn. Live. Invest. |
TheStreet Pro |
#downsizing #retail #sales
source