Tuesday Sept 10, 2024
Tucked away on oage B 3 is a sign of what is really happening. Big Lots has filed for Ch 11 bankruptcy. A private equity firms will buy it. One might think a low cost discount retailer would thrive in an inflationary environment. But it has had quarterly losses since 2022 and many store closures. Red Lobster never recovered from Covid and also filed for BK. The 21 retail BKs this year is the most since 2020. Retail sector lost 11,100 jobs in August.
As Richard Russell used to say, there's a hard rain comin'.
Modest open in stocks this morning, oil down again, metals not much movement.
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