Big Lots Faces Challenges, Reaches Out For New Loan
Written by Emily J. Thompson, Senior Investment Analyst
Source: Benzinga
Financial Challenges: Big Lots Inc has secured a $200 million loan and is exploring interest in a new asset-backed loan due to declining same-store sales, reporting a 10.2% drop in net sales for the quarter ending May 4, resulting in a net loss of $205 million.
Strategic Shift: The company is refocusing on extreme bargains and closeout sales after a failed pivot to furniture sales, and is also considering sub-leasing some locations to increase revenue amidst a challenging retail environment.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
