Big Lots to close some of its stores -- Page 1 -- TimesUnion.com
Since they haven't said how many jobs will be lost, this isn't included in the number above. As soon as they announce it, I'll update the number.
I will give them credit that they are going to try to relocate people to other stores but I also don't like how unfeeling the last line is.
"We want to ensure that each new store provides the return we're looking for," Cooper said.
I'm sure he could have phrased it better.
Big Lots to close some of its stores -- Page 1 -- TimesUnion.com
Big Lots to close some of its stores
Midwest will see bulk of closures; no details on Capital Region locations
Bloomberg News
First published: Friday, October 7, 2005
Big Lots Inc., the largest U.S. retailer of discontinued and overstocked goods, plans to close as many as 170 stores by the end of January, including a batch of money-losing stores in rural areas.
The company expects to pare the number of stores to 1,400 from 1,536 now. Big Lots, which operates in 47 states and employs 45,000 people, said in a statement Thursday that most of the closings will be in Ohio, Michigan and Illinois, areas where it said sales were weaker.
In the Capital Region, Big Lots operates stores at Troy Plaza on Hoosick Street in Troy, on Columbia Turnpike in Rensselaer, on Central Avenue in Colonie and on Route 30 in Amsterdam.
A manager at the Colonie store said he had heard nothing about possible closings and referred a reporter to the company's headquarters.
The closings will cost about $39 million, or 35 cents a share, Chief Financial Officer Joe Cooper said in an interview. No job cuts were announced. Big Lots, based in Columbus, Ohio, will try to move workers to other stores before announcing any workforce plans, Cooper said.
Big Lots shares had their biggest gain since May, rising 82 cents, or 7.7 percent, to $11.43 as of 4:15 p.m. in New York Stock Exchange composite trading. They had dropped 13 percent in 2005 before Thursday.
The company didn't specify when it would record the costs, and two subsequent calls to Cooper weren't returned.
The company had a net loss of $13.8 million, or 12 cents a share, in its 2006 fiscal second quarter ended in July, and a net loss of $32.1 million, or 29 cents, in the year-ago third quarter.
Big Lots is expected to have a fiscal third-quarter loss of 21 cents a share, the average estimate of seven analysts surveyed by Thomson Financial.
Eighty-five locations to be shut are closeout stores accounting for about 4 percent of sales in that business, the company said. It didn't say whether stores have already been closed.
"We want to ensure that each new store provides the return we're looking for," Cooper said.
I will give them credit that they are going to try to relocate people to other stores but I also don't like how unfeeling the last line is.
"We want to ensure that each new store provides the return we're looking for," Cooper said.
I'm sure he could have phrased it better.
Big Lots to close some of its stores -- Page 1 -- TimesUnion.com
Big Lots to close some of its stores
Midwest will see bulk of closures; no details on Capital Region locations
Bloomberg News
First published: Friday, October 7, 2005
Big Lots Inc., the largest U.S. retailer of discontinued and overstocked goods, plans to close as many as 170 stores by the end of January, including a batch of money-losing stores in rural areas.
The company expects to pare the number of stores to 1,400 from 1,536 now. Big Lots, which operates in 47 states and employs 45,000 people, said in a statement Thursday that most of the closings will be in Ohio, Michigan and Illinois, areas where it said sales were weaker.
In the Capital Region, Big Lots operates stores at Troy Plaza on Hoosick Street in Troy, on Columbia Turnpike in Rensselaer, on Central Avenue in Colonie and on Route 30 in Amsterdam.
A manager at the Colonie store said he had heard nothing about possible closings and referred a reporter to the company's headquarters.
The closings will cost about $39 million, or 35 cents a share, Chief Financial Officer Joe Cooper said in an interview. No job cuts were announced. Big Lots, based in Columbus, Ohio, will try to move workers to other stores before announcing any workforce plans, Cooper said.
Big Lots shares had their biggest gain since May, rising 82 cents, or 7.7 percent, to $11.43 as of 4:15 p.m. in New York Stock Exchange composite trading. They had dropped 13 percent in 2005 before Thursday.
The company didn't specify when it would record the costs, and two subsequent calls to Cooper weren't returned.
The company had a net loss of $13.8 million, or 12 cents a share, in its 2006 fiscal second quarter ended in July, and a net loss of $32.1 million, or 29 cents, in the year-ago third quarter.
Big Lots is expected to have a fiscal third-quarter loss of 21 cents a share, the average estimate of seven analysts surveyed by Thomson Financial.
Eighty-five locations to be shut are closeout stores accounting for about 4 percent of sales in that business, the company said. It didn't say whether stores have already been closed.
"We want to ensure that each new store provides the return we're looking for," Cooper said.
posted by Brian | 3:17 PM
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