As part of a financial preview, Big Lots has provided an update on expected results for the third quarter of fiscal 2020, which includes a forecasted mid-teen gain in comparable sales.
The TJX Companies board of directors has elected José Alvarez to the board, effective immediately. Alvarez previously served on TJX’s board of directors from 2007 through 2018.
Century 21 Stores has filed for Chapter 11 and plans to commence a wind down of its off-price retail operations and going out of business sales at its 13 stores across New York, New Jersey, Pennsylvania, and Florida after serving customers for nearly 60 years.
As an off-pricer open in the COVID-19 pandemic due to its assortment of food, cleaning products and other essential products, Big Lots saw strong results in the second quarter and an increase in new customers trying out its stores.
Ollie’s Bargain Outlet powered through a robust second quarter, as the off-price retailer continued to benefit from current market conditions and heightened consumer demand.
Although it posted a loss, the second quarter wasn’t all bad for Burlington Stores, which beat a Wall Street earnings estimate and managed to drive sales in stores as they reopened, although inventory issues did emerge.
The home department gave Nordstrom a lift during a challenging second quarter when sales dropped due to the temporary store closures associated with the coronavirus pandemic.
With the company unable to find a buyer, Stage Store liquidation sales are underway. The liquidation includes the Gordmans, Bealls, Palais Royal, Peebles, Stage, and Goody’s banners.
In the second quarter, off-pricer Ross Stores continued to weigh the impact the coronavirus pandemic had on its stores, as net sales declined significantly, although the company managed to post a profit.
Although it has faced recent challenges with coronavirus-related store closures, TJX could benefit from the market departure of a COVID-19 casualty, according to Placer.ai.
Home operations buoyed TJX through a second quarter during which stores reopened after closures related to the COVID-19 pandemic.
As it prepares for liquidation, Stein Mart has filed its list of top 20 creditors with the bankruptcy court.
Stein Mart, which just filed for Chapter 11 reorganization, has authorized going out of business sales by a joint venture comprising Gordon Brothers, Hilco Merchant Resources, Tiger Capital Group, B. Riley Financial’s Great American Group and SB360 Capital Partners. The sale process is underway at all 279 Stein Mart locations across the U.S.
Stein Mart and its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Middle District of Florida, Jacksonville Division.
Big Lots said it will begin same-day delivery of its retail store assortment nationwide. The company has entered into a partnership with Pickup, an on-demand logistics provider with a last-mile delivery footprint encompassing more than 300 markets.
Ollie’s Bargain Outlet has provided its outlook for the second quarter ending August 1, 2020, pointing to strong sales and its ability to keep pace with a surge in demand.
Big Lots has appointed Jack Pestello as evp/chief merchandising officer of Big Lots, effective July 27. Pestello succeeds Lisa Bachmann who, as previously announced, will be retiring after a transition period.
With a career spanning more than 30 years at TJX and a reputation to match, Jay Cunningham has been recognized by kitchenware vendors as a 2020 Impact Merchant.
Stein Mart sales and earnings were hit hard in the coronavirus-impacted first quarter, and the off-price retailer said it was continuing to explore strategic alternatives.
Big Lots said it has seen a continuation of the strong demand that began in mid-April, with quarter-to-date comparable sales through fiscal June increasing well ahead of expectations.