FBig Lots may now close up to 315 stores under amended credit and loan terms, according to an 8-K filed Friday with the U.S. Securities and Exchange Commission. Previous terms with lenders allowed it to close up to 150 under performing stores. In June, the company said it planned to close up to 40 stores.
“We support the proactive action to close underperforming stores that are a drag on the business,” analysts with Telsey Advisory Group, led by Joe Feldman, said in a Monday note. “However, we are incrementally worried by the need to close as many as 315 stores (22.6% of the total base of 1,392), which likely would require significant changes to the business model to continue as a going concern.”
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