November 1 Falloweenmas Events offers additional savings on top of bargain pricing for seasonal fall, Halloween, and Christmas items Every Friday is Black Friday now at Big Lots through December 6  COLUMBUS, Ohio, Oct. 31, 2024 /PRNewswire/ -- Big Lots (OTC: BIG) announces the opening of its Holiday Shop with a special one-day sale event, "Falloweenmas," taking place on Friday, November 1. This unique event offers a mash up of incredible deals on seasonal items across fall, Halloween, and Christmas holiday ...

HARRISBURG, Pa., Oct. 29, 2024 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) today announced that it was the winning bidder in the latest bankruptcy sale process to acquire eight additional former Big Lots store leases. The eight stores were part of a bankruptcy auction for the second wave of Big Lots store closures, which included 170 stores. The acquisition of the eight additional store leases are subject to final bankruptcy court approval and customary closing c ...

COLUMBUS, Ohio, Oct. 9, 2024 /PRNewswire/ -- Big Lots, Inc. (OTC: BIG) announced today in observance of World Mental Health Day (October 10), a special four-day promotion to assist children in local communities. The Kindness Kits Challenge, part of Big Lots' Kids Mental Health Foundation (KMHF) fall point-of-sale campaign, will dedicate funds raised at the register from October 10-13 to distribute kindness kits to local elementary schools in communities near Big Lots store locations. Beginning in September ...

All outdoor Halloween Decor will be 20% off Oct. 3-6, in stores (with coupon) and online 'Black Friday Fridays' continue at Big Lots with 50% off all fall decorations only on Oct. 4 Fall savings continue with the 'Primetime Cyber Sale,' 20% off home categories Oct. 7-9 COLUMBUS, Ohio, Oct. 3, 2024 /PRNewswire/ -- Big Lots, Inc. (OTC: BIG), today unveiled new "fall Into Savings" deals including special savings on fall and outdoor Halloween decorations, home categories and more, beginning today, Oct. 3. Big L ...

Core Viewpoint - Ollie's Bargain Outlet Holdings, Inc. has successfully acquired seven former Big Lots store leases as part of a bankruptcy sale process, indicating strategic growth opportunities in the Midwest region [1][2]. Group 1: Acquisition Details - The acquisition includes seven store leases from Big Lots, which were part of a larger bankruptcy auction involving 143 store closures [1]. - Six of the seven stores have received final approval from the United States Bankruptcy Court, while the last store is pending final approval [1]. Group 2: Strategic Implications - The CEO of Ollie's expressed confidence in the acquisition, highlighting that the stores are well-located and suitable for value-oriented customers, which aligns with the company's growth strategy [2]. - The company plans to prioritize the opening of these acquired stores and adjust its existing pipeline to enhance productivity and reduce pre-opening costs [2]. - Ollie's aims to open 50 new stores in fiscal 2024, with adjustments made for the newly acquired locations [2]. Group 3: Company Overview - Ollie's is recognized as America's largest retailer of closeout merchandise, offering significant value on brand-name products across various categories [3]. - The company currently operates 541 stores across 31 states, indicating a robust presence in the retail market [3].

Expands opportunities for influential creators and publishers to earn commissions Builds on Big Lots' organic popularity with bargain-savvy influencers Signs new partnership with impact.com to launch and scale program COLUMBUS, Ohio, Sept. 26, 2024 /PRNewswire/ -- Big Lots, Inc. (OTC: BIG), today announced the launch of a new affiliate program, designed to build on its organic and grassroots popularity with bargain-savvy creators and publishers on social media and beyond. The program offers influential part ...

Core Points - Big Lots will reintroduce 'Black Friday Fridays' in 2024, offering special one-day deals every Friday with discounts up to 50% off across various product categories from now until December 6 [1][2] - The event will commence on September 13, featuring a one-day 50% discount on all Halloween décor, marking the start of the sales event [1][3] Group 1 - The CEO of Big Lots, Bruce Thorn, emphasized the importance of helping customers manage their budgets by providing early access to significant Black Friday-level deals [3] - Big Lots has acquired overstock from a national party supply retailer, valued at $11 million, which will contribute to the largest Halloween closeout in the company's history, with discounts of 50-70% on new Halloween items [3] - Weekly deals will be announced every Thursday morning, covering various product categories, including holiday gifts and seasonal décor, all available for one day only at up to 50% off [4] Group 2 - On the launch day, September 13, Big Lots Foundation will match in-store donations to The Kids Mental Health Foundation up to $50,000, incentivizing donations with a coupon for $5 off future purchases [5] - Big Lots positions itself as a leading closeout retailer focused on delivering extreme value, with a mission to help customers "Live BIG and Save LOTS" through various sourcing strategies [6]

Three days after Big Lots announced a Chapter 11 restructuring and acquisition by Nexus Capital Management, Big Lots President and CEO Bruce Thorn offered an overview of the company's performance and strategic direction during the second-quarter earnings call Thursday (Sept. 12). Second-quarter comparable sales fell 14.6% in a "very challenging environment," Thorn explained, "in which our core lower-income customer remains under significant pressure and has limited capacity for higher ticket discretionary p ...

Financial Performance - Net sales decreased by $92.8 million, or 8.1%, in Q2 2024 compared to Q2 2023[121] - Comparable sales for stores open at least fifteen months, plus e-commerce net sales, decreased by $57.5 million, or 5.3%[121] - Year-to-date net sales decreased by $207.3 million, or 9.2%, to $2,055.7 million in 2024, with a 7.6% decline in comparable store sales contributing to this decrease[138] - Net sales decreased by $92.8 million, or 8.1%, to $1,046.6 million in Q2 2024 compared to Q2 2023, primarily due to a 5.3% decrease in comparable store sales[127] Gross Margin and Expenses - Gross margin rate increased by 190 basis points to 34.9% of net sales, despite a decrease in gross margin dollars by $10.7 million[121] - Gross margin dollars decreased by $10.7 million, or 2.8%, to $365.2 million in Q2 2024, while gross margin as a percentage of net sales increased by 190 basis points to 34.9%[131] - Selling and administrative expenses increased by $93.6 million to $553.7 million, representing 52.9% of net sales, an increase of 1,250 basis points[121] - Selling and administrative expenses increased by $93.6 million, or 20.3%, to $553.7 million in Q2 2024, with expenses as a percentage of net sales rising to 52.9%[132][133] - Selling and administrative expenses for year-to-date 2024 were $1,086.7 million, a slight increase of $5.8 million from $1,080.9 million in year-to-date 2023, primarily due to store asset impairment charges of $84.5 million[143] - As a percentage of net sales, selling and administrative expenses increased by 510 basis points to 52.9% for year-to-date 2024 compared to 47.8% for year-to-date 2023[144] Debt and Financing - Long-term debt decreased from $493.2 million in Q2 2023 to $0.0 million in Q2 2024 due to the Chapter 11 filing[121] - Total debt increased by $77.8 million from $504.4 million in Q2 2023 to $582.2 million in Q2 2024[121] - The total debt of approximately $556.1 million became due and payable due to the Chapter 11 filing, resulting in all outstanding indebtedness being classified as current debt[153][154] - The company has secured approximately $550 million in debtor-in-possession financing through the DIP ABL Facility, which will be used to refinance existing commitments under the 2022 Credit Agreement[169] - The 2024 Term Loan provides for a committed amount of up to $200 million, with an initial drawdown of $50.0 million[163] - The 2024 Term Loan has an interest rate of 14.6% as of August 3, 2024, with mandatory prepayments required under certain conditions[167] - As of August 3, 2024, the company had $459.3 million in borrowings under the 2022 Credit Agreement and $115.0 million under the 2024 Term Loan, all classified as current due to Chapter 11 filings[184] Operational Changes - The company plans to close up to 315 stores in 2024, including 296 closures announced for Q3 2024[123] - The company expects to manage operations as a "debtor-in-possession" under the Bankruptcy Court's jurisdiction, allowing continued operation but restricting transactions outside the ordinary course of business[152] - The company anticipates sequential improvement in underlying comparable sales trends and gross margin rate, although it is not providing earnings guidance for the second half of 2024[150] Tax and Interest - The effective income tax rate for Q2 2024 was (0.2%), compared to (87.5%) in Q2 2023, due to a full valuation allowance on deferred assets[137] - The effective income tax rate for year-to-date 2024 was (0.1%), a significant change from (13.0%) in year-to-date 2023, due to a full valuation allowance on deferred assets[149] - Interest expense rose to $16.3 million in Q2 2024 from $11.2 million in Q2 2023, driven by higher average borrowings of $721.3 million[136] - Interest expense increased to $28.3 million in year-to-date 2024 from $20.3 million in year-to-date 2023, driven by higher average borrowings of $689.8 million compared to $606.2 million in the prior year[148] Cash Flow - Cash used in operating activities increased by $14.0 million to $164.6 million in year-to-date 2024 compared to $150.6 million in year-to-date 2023[179] - Cash used in investing activities rose by $4.7 million to $25.1 million in year-to-date 2024, driven by decreased proceeds from the sale of property and equipment[180] - Cash provided by financing activities increased by $24.5 million to $196.8 million in year-to-date 2024, attributed to net proceeds from litigation and other financing arrangements[181] - The company paid approximately $0.2 million in dividends in year-to-date 2024, a significant decrease from $9.7 million in year-to-date 2023 due to the suspension of quarterly cash dividends[177] Inventory and Product Performance - Inventory decreased by 14.8%, or $145.9 million, from $983.2 million at the end of Q2 2023 to $837.3 million at the end of Q2 2024[121] - The Furniture category showed a sequential improvement in year-to-date 2024, driven by Broyhill® branded products returning to normal in-stock levels[140] - The Food and Consumables categories performed relatively better than home products, despite experiencing decreased comps and net sales[141] - The company plans to increase Bargain and Extreme Bargain assortments in the candy and snacks departments throughout the remainder of 2024[130] Depreciation and Estimates - Depreciation expense decreased by $13.1 million to $64.8 million in year-to-date 2024, compared to $77.9 million in year-to-date 2023, primarily due to the absence of FDC related depreciation[145] - The estimates and assumptions used in the financial reporting process have a high degree of inherent uncertainty, which could materially affect the financial condition and results of operations if different estimates were applied[183]

And CEO Tom Shea from the newly public OneStream joins us to talk about what the company can do for customers. In this podcast, Motley Fool analyst Jason Moser and host Dylan Lewis discuss: Apple's "Glowtime" product event, what to expect for the iPhone line and the company's AI ambitions. (Note: We recorded this before the event. How good were our predictions?) The latest antitrust case against Google and why Meta and Apple should probably be paying attention. Big Lots' bankruptcy filing and why the discou ...