Global Teck Worldwide’s Post

A nationwide discount homeware chain, Big Lots with nearly 1,400 stores, has raised concerns about its financial stability. The company has reported consistent declines in revenue over the past ten quarters, culminating in a substantial loss of $132 million in the first three months of 2024. In a recent disclosure to regulators, Big Lots expressed doubts about its ability to continue operating, which could lead to store closures and the potential for bankruptcy. Store managers have attributed these challenges to receiving excess inventory that does not align with customer preferences, creating significant operational hurdles. The company's financial struggles, including losses in previous years, have depleted its available cash reserves, essential for covering inventory costs. These developments underscore the importance of effective inventory management and customer-centric strategies in today's competitive retail landscape. #BigLots #Retail #FinancialStability #InventoryManagement #CustomerPreference #3pl #sior #BusinessChallenges #supplychain

NOSTALGIC RETAIL SERIES #2 - BORDERS Founded in Michigan in 1971, Borders heyday was in the early 2000s. In 1992, Borders was acquired by Kmart (who already owned Waldenbooks) and grew to close to 1,250 stores by 2003. But Amazon and electronic book readers changed the game. The company shuttered all locations and filed for bankruptcy in February of 2011, followed by closing its online store in September of that same year. Barnes & Noble acquired some of Border’s assets and brand trademarks in 2011, with international locations being purchased by various entities. Struggles but differing outcome for rival Barnes & Noble and local bookstores have certainly been resilient and are thriving again. Interesting to compare the strategies. #nostalgicretail #retail #shopping #brands #retailrealestate Missed any in the series? Click here: https://lnkd.in/eDHZaDDw

💥 Big Lots in Big Trouble! 🏚️ Breaking retail news: Big Lots is facing some serious financial heat, with bankruptcy looming on the horizon. After years of battling market changes, shrinking margins, and increased competition, the beloved discount retailer might soon be closing the chapter on its 56-year history. 📉💔 But what does this mean for the retail landscape? Well, it’s another example of how legacy retailers need to quickly adapt to changing consumer behaviors and e-commerce competition. While Big Lots struggles, it’s a wake-up call for all retailers to innovate or evaporate in today’s cutthroat market. 😬 Let’s see how this unfolds, but one thing’s for sure—adaptability is key in today’s retail game! 📊👀 Read the full story 👇🏾 #RetailNews #BigLots #RetailBankruptcy #MarketTrends #RetailInnovation #AdaptOrEvaporate #RetailShakeup

Dollar Tree is closing 1,000 stores, the vast majority being Family Dollars. But that (unsurprising) headline buries a lead that has import across all CPGs and FDMC retail: the continued emergence of the value conscious consumer: Family Dollar, employing a multi-price point strategy that belies its moniker and continuing to expand its food offering, won 3.4M new consumers last year, with the vast majority coming from HHs earning >$125,000. The upshot: the time is now to adjust product portfolio, price promotion and assortments - while aggressively driving productivity - to win this critical high growth consumer segment.

Are you an online retailer who is ready to open your brick-and-mortar stores? Does fear grip your heart when you think about running stores? Put all that fear aside, this is what Running Great Stores does. We will not only help you get your stores open in a repeatable, scalable manner, but we will also source, hire, and train your team to deliver your revenue goals. No, we don’t leave you when the doors open; we even oversee stores for clients! If you have been losing sleep, time to call me, Rachel Williamson. Let’s discuss how we can help you bring this dream to life. #runninggreatstores #retail #brickandmortar #revenue

99 Cents Only Stores filed for #chapter11, and has a suitor, the head of Pick N Save, for 143 of its South Cali #stores. A tip of the hat to Bill Read on this one. CoStar News #retailers #retailrealestate #retailleasing

Dollar Tree to Close About 1,000 Stores, Books Over $2 Billion in Charges. Dollar Tree's earnings in the holiday quarter were wiped out by billions of dollars in charges tied to a review of the company’s portfolio of stores, and the company plans to close about 1,000 stores over the next few years. The dollar-store operator reported a loss of $1.71 billion, or $7.85 a share, for the three months ended Feb. 3, compared with a profit of $452.2 million, or $2.04 a share, a year earlier. Stripping out more than $2 billion of charges tied to the portfolio... https://lnkd.in/dq56Qgg6

Let's be real.. the real reason these stores are closing is the abysmal way they treat their employees, the horrible way they manage inventory by understaffing branches and making them work with barely any staff and the overall culture of the business. No matter how much the product or service is required, a business will struggle if the employees aren't taken care of and the company doesn't spend on providing customers with a safe clean shopping experience. The John Oliver episode on HBO Max is a must see to see the horrors of this business model! https://lnkd.in/gQhrNsHx

Aloha Friday 🤙🏼 Here are some interesting stories from the world of retail for Friday, July 5: 🏬 The parent of Saks Fifth Avenue, in a partnership with Amazon, will buy rival department store chain Neiman Marcus in a $2.65 billion deal. Richard Baker, CEO and chairman of HBC, has said no stores will be closed. 🌽 After spiking during the pandemic, profit margins and same-store sales growth have fallen back to pre-pandemic levels for the grocery industry, FMI- The Food Industry Association said. 📦 Amazon wants to emulate Shein’s and Temu’s low-cost business model with a direct-from-China discount marketplace of its own. This seems a terrible idea, says a piece in the Financial Times. 🏊🏻♀️ Americans will be splashing around this summer in the backyard pools they’ve already got, but not splashing out as much on new ones. New pool construction will fall by around 15% to 20% this year. 👟 Nike‘s era of self-lacing sneakers has come to an end. The company announced that it’ll stop producing sneakers featuring its Adapt technology and will remove the accompanying app from the Apple and Android app stores. 📚 Tattered Cover Book Store will chart its own course, says Barnes & Noble CEO as he speaks about the bookstore’s sale. Barnes & Noble has offered $1.83 million in cash to buy Tattered Cover out of bankruptcy. ☕️ Want an iced coffee? Brands want you to make your own. Keurig, Nescafé are developing products to woo people away from pricey barista-made cold brews and Frappuccinos. 🌟 Walmart must face a class action lawsuit that ruled that the retailer overcharged customers with deceptive and unfair pricing practices. A plaintiff argued he was charged more at the register than the listed prices at Walmart. 👔 Private equity firm KKR has agreed to acquire Varsity Brands, a US maker of sports uniforms and school yearbooks, from buyout firm Bain Capital for approximately $4.75bn, including debt. 🪧 A California member of Congress has written to Biden administration officials to express concern about Smart & Final’s labor practices amid the West Coast grocery chain’s ongoing dispute with warehouse workers. 🍕 Popular fast-casual pizza chain MOD Pizza could soon be filing for bankruptcy — following in the footsteps of several other well-known US restaurants. 🫘 Jelly Belly Candy Company will be closing its plant in North Chicago, resulting in the layoff of 66 employees. The closure comes after Ferrara Candy, the parent company of Jelly Belly, acquired the family-owned candy company. 🍺 Constellation Brands has reported a better-than-expected first-quarter profit due to strong demand for its core beer brands. The brewer behind brands including Corona, Modelo Especial and Pacifico posted earnings of $877m. 🧾 Instacart shoppers are using the app's 'reorder items' button to see how much grocery prices increased over the years. #retail #retailnews #economy #DailyRetailNews

Conn’s and Carpetright Close Stores Following Bankruptcy Filings In the “Weekly US and UK Store Openings and Closures Tracker 2024” reports, Coresight Research explores the retail landscape to bring you the latest data and developments on major players’ store footprints.    The latest report, for week 30 of 2024 (ended July 26), includes updates from Albertsons Companies, Conn's HomePlus, Carpetright, Iceland Foods and others. Data in this research report include:    ◾Week-by-week comparisons of announced store closures and openings in the US and the     UK—2024 vs. 2023    ◾Major US and UK store closures and openings, 2024    ◾Major US and UK retail bankruptcies—2024 and 2023    Understanding store trends is crucial for making informed strategic decisions and staying ahead of market dynamics. Subscribe to access our latest report: https://lnkd.in/dNxi4zdn #USretailmarket #UKretailmarket #storecount #expertanalysis