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.
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.
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.
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.
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.
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.
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.