A massive retailer now permanently closes its biggest store in California in an unexpected turn of events.
Big Lots! has announced the closure of its biggest store in California this week.
According to a November 14th report from The-Sun, the 33,000-square-foot Big Lots! store in Carmichael, California will shutter in January of 2024.
Josh Chaney, a spokesperson for Big Lots, said “Consistent with standard retail practices, we review our store footprint on an ongoing basis to make sure we’re best positioned to successfully serve our customers and our business.”
“Sometimes this process results in store closings or relocations.”
It is an anchor store within the Carmichael Center, and the second location to close in the area within 12 months, reports The-Sun.
In January of this year, Big Lots announced three stores would close in California, including the Carmichael location, and four other would shutter in Colorado.
In 2022, the company opened nearly 50 stores, but chief financial officer Jonathan Ramsden said that the number of closings will be similar to or slightly above 50 stores.
Bruce Thorn, Chief Executive Officer, cited drastic changes in shoppers’ spending habits as the reason behind the closure.
“Our sales and gross margin were in line with guidance and, importantly, year-over-year inventories continued to come down materially,” he said.
Thorn explained that Big Lots will “increasingly focus” on rural and smalltown markets where the company has proven to outperform similar discount retailers, according to reports.
“This holiday season, Big Lots is making it easier than ever for shoppers to take advantage of some of the year’s biggest bargains, with up to 50% off one-day deals every Friday through Christmas,” the CEO stated.
Other Economy News Today
Bank of America now closes a customer account without warning or explanation, creating massive turmoil for the user.
The giant has been scrutinized for freezing customer accounts for many months now.
Christina Blanton says she has been a loyal customer at Bank of America for 17 years now but said the company couldn’t give a reason behind the decision.
CBS affiliate WBBM says Blanton couldn’t access money from Bank of America for her thyroid cancer surgery.
Blanton, who has since switched banks, said her account was locked just before she was due to have surgery.
She told WBBM: “I was upset and frustrated. I wanted to cry.”
Blanton said she initially thought she had put her password in wrong when she couldn’t access her online bank account.
She realized that her account had been locked.
The mom struggled to get an answer from Bank of America in an ordeal that lasted months – before it was eventually resolved, reports The-Sun.
She claimed that the bank had made a so-called business decision to shut the account.
She said she was eventually able to access her funds after her account was reopened.
But she was left furious that bosses couldn’t give an explanation why her account was closed.
A spokesperson told WBBM: “We can’t share information about an individual account for reasons of privacy, but we have resolved the issue directly with our customer.”
Meanwhile, Chase Bank customer Justin Martin has also told of the moment he realized his account had been frozen.
Small business owner Christian Haberkern has recalled the ordeal that saw more than $24,000 wiped from her Wells Fargo account.
She tried to get her money back for weeks before the funds were eventually returned.
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