Is this going to be an interesting year as it relates to Big Lots Layoffs 2020? Any news or rumors?
8 replies (most recent on top)
I was laid off today, so yes...there are more layoffs in 2020.
Indio, Ca. is on closing list. Lease expiring. Also Yucaipa, C.a lease ending landlord and DM hate each other.
As far as I'm concerned, Bruce doesn't have any credibility at all. The guy talks a lot and that's about it. The "Store of the Future" ... blah ... blah ... blah. I don't think his investors are buying his bull either. Bank of America Merrill Lynch's Jason Haas downgraded Big Lots back in June of 2019. See article: https://www.streetinsider.com/Analyst+Comments/BofAMerrill+Lynch+Downgrades+Big+Lots+%28BIG%29+to+Underperform/15568664.html. Bruce is going to have to put his money where is mouth is in order to gain investor confidence; not to mention his own employee pool. Trimming the tree with layoffs to maintain his $4 million compensation package is merely a temporary solution to a pending catastrophe and Bruce knows it.
The ONLY "Cobra package" you're likely to receive from Big Lots is a venomous snake in a plain brown box...so they don't have to spend another cent on you!
Has anyone gotten any info on when we should get anything on our Cobra package? My severance ended last week and I haven't heard anything.
Of course more lay offs are coming. Bruce isnt taking a pay cut, cost cutting comes from the stores. Also, underperforming, lease expering stores will close.
BIG stock was 44.81 a year ago, 25.38 when people were laid off 7/29/19 with a phone call. Today 11/19/19, it closed at 19.44. I would expect more payroll reductions, more metrics demands and some store closures. Happy New Year at Big Lots.
Hopefully, Bruce Thorn will be the FIRST to be let go! Would be best if they got bought out by new investors.