Daily Archives: December 20, 2024

During bankruptcy struggles, Big Lots will close all of their stores

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Big Lots, the bargain shop company with almost 900 sites, has revealed plans to close all of its remaining locations in a startling turn of events. Earlier this year, Big Lots filed for Chapter 11 bankruptcy protection after experiencing significant financial troubles throughout 2024, including the effects of inflation and declining consumer spending.

Big Lots was forced to start the liquidation process after the company’s attempt to turn things around through a sale to Nexus Capital Management fell through.

What Will Happen to Big Lots Next?

Big Lots still has a slim chance to find a buyer, even if the firm intends to move on with store closures and going-out-of-business sales.

However, the retail behemoth will permanently close its doors in early January 2025 if no buyer steps forward, creating a massive vacuum in the discount retail industry.

Not Selling Activates Out-of-Business Sales

Big Lots and Nexus Capital Management had been negotiating in the hopes of reaching an agreement that would keep the business solvent.

Regretfully, sources indicate that the sale was cancelled when Big Lots’ inventory was valued significantly less than anticipated.

Nexus Capital was unable to move further financially as a result.

An Examination of the History of Big Lots

Originally called Consolidated International, Inc., Big Lots was established in 1967 in Columbus, Ohio, and has since grown to become a popular place to buy cheap food, furniture, and home products.

After changing its name to Big Lots in 2001, the business became well-known in the retail sector.

However, Big Lots has suddenly given in to the demands of the retail apocalypse and a more competitive market, despite its lengthy history and once-strong presence.

2024 Sees a Sharp Decline in the Price of Big Lots Stock

Big Lots’ stock price has suffered significantly as a result of its financial difficulties. After trading under the ticker symbol “BIG” on the New York Stock Exchange, Big Lots’ shares are currently traded under the name “BIGGQ” on the over-the-counter market.

Shares were only worth 8 cents as of the most recent trading day, representing a startling 99% drop in value just this year.

The sharp decline in the company’s stock price is another sign of Big Lots’ dire financial situation.

Effect on Workers at Big Lots

The future of Big Lots’ 27,000 employees is unknown as the firm gets ready to close its locations.

Although the company has not disclosed particular information regarding the impact of shop closures on its workers, it is anticipated that the majority of employees would lose their jobs following the completion of the going-out-of-business sales.

big lots

big lots

Thousands of workers nationwide will undoubtedly lose their jobs as a result of the store closures, which would probably result in widespread layoffs.

Are Large Lots Preservable?

Bruce Thorn, the CEO of Big Lots, is optimistic about a different solution, but there is little possibility of a last-minute rescue.

The business has stated that it is still open to a “alternative going concern transaction,” which might involve being acquired by a different organisation or investor.

But Big Lots has given itself till January to finalise any such agreement. The business will formally cease operations and move forward with its liquidation plans if this doesn’t occur.

 

Effect on Workers at Big Lots

The future of Big Lots’ 27,000 employees is unknown as the firm gets ready to close its locations.

Although the company has not disclosed particular information regarding the impact of shop closures on its workers, it is anticipated that the majority of employees would lose their jobs following the completion of the going-out-of-business sales.

Thousands of workers nationwide will undoubtedly lose their jobs as a result of the store closures, which would probably result in widespread layoffs.

Big Lots Reports Significant Changes to the Bankruptcy and Going-Out-of-Business Sales Process

In a significant financial update, Big Lots, Inc. confirmed that it no longer anticipates completing the asset sale to Nexus Capital Management that was previously announced.

While getting ready for going-out-of-business (GOB) sales at all of the remaining shop locations, the retailer keeps looking into other opportunities for selling the company.

Sales of Going-Out-of-Business Items Will Start at Every Big Lots Store

 

Savings in All Categories: Deep discounts will be available throughout the sales on a variety of commodities, such as groceries, home goods, and furniture.

Instant Sales Launch: In the days ahead, going-out-of-business (GOB) sales will start at all surviving Big Lots locations.

Effect on Store Closures: As the business transitions to liquidation, these sales signal the start of a major store closing process.

Big Lots and Nexus Capital Management conclude their asset sale negotiations.

No Agreement with Nexus: Big Lots has declared that it will not proceed with the asset sale to Nexus Capital Management that was originally scheduled.

Sale Schedule: Big Lots intends to complete a sale by the beginning of January 2025.

Alternative Sale Still Possible: The business is still actively looking for other possible purchasers, such as Nexus or another party, in spite of this setback.

The Bankruptcy of Big Lots and Its Economic Difficulties

 

Stock Price Decline: In 2024, the retailer’s stock fell by about 99%, indicating serious financial difficulties.

Chapter 11 Filing: In early 2024, Big Lots filed for Chapter 11 bankruptcy protection due to a number of financial issues, such as inflation and dwindling sales.

Failed contract with Nexus: Big Lots had intended to get back on its feet by signing a contract with Nexus, however the arrangement fell through due to a valuation discrepancy.

Information on Legal and Bankruptcy procedures

Court filings pertaining to Big Lots’s case are accessible to creditors and other interested parties.

Proof of Claim Filing: You can submit a claim against Big Lots by contacting Kroll Restructuring Administration LLC, the company’s claims agent.

Big Lots is presently undergoing bankruptcy procedures.

An alternative The going concern deal is still being worked on.

Despite starting the liquidation process, Big Lots is still holding out hope that it may negotiate a going concern deal, which would allow the business to be transferred to a different bidder and carry on.

Ongoing Negotiations: In an effort to preserve some aspects of its business, Big Lots is still negotiating with possible purchasers.

 

What Will Happen to Big Lots Next?

 

Continued Customer Services: Big Lots is still dedicated to providing both in-person and online customer service in spite of the difficulties.

The brand’s future: Finding a new buyer or successfully completing the ongoing sale negotiations will determine Big Lots’ next course of action as it continues its bankruptcy process.

The Legacy and Community Impact of Big Lots

Community Support: More than $176 million has been donated by the company’s foundation to nonprofit organisations that address issues like housing, healthcare, education, and hunger.

Established in 1967: Big Lots has long been a significant force in the discount retail industry. It was first founded as Consolidated International in Columbus, Ohio.

Concerning Big Lots, Inc.

Charity & Community: The business has collaborated with partners and consumers to donate money to important charities across the country through its Big Lots Foundation.

Retail Focus: One of the biggest closeout stores in the United States, Big Lots provides substantial savings on a range of products, such as food, appliances, and furniture for the house.

 

The Reasons Behind Today’s Altcoin Decline: The Effect of the Federal Reserve’s Decision

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Important Points:

The cryptocurrency market, particularly altcoins, is under pressure due to the slower rate of interest rate decreases.
Chainlink, Cardano, and Shiba Inu all suffer large market losses.
Prices of cryptocurrencies are declining as a result of the Federal Reserve’s recent interest rate announcement.

The Federal Reserve’s Interest Rate Decision and Its Function

The Federal Reserve issued a 25-basis-point interest rate fall on December 18, 2024, its third since September.

The market was taken aback by Fed Chairman Jerome Powell’s pessimistic stance for the future, despite the fact that this cut was anticipated.

Powell said that although the central bank was lowering interest rates, future rate reduction will happen more slowly than expected.

The Fed now anticipates only two cuts in 2025, down from four previously.

Investor behaviour has been affected by this shift in the Fed’s policy position.

Since there are fewer rate cuts coming, investors are growing more cautious, which is causing the market to fall.

Normally, lower interest rates stimulate riskier investments like cryptocurrency.

Introduction: What’s Causing Today’s Altcoin Drop?

The markets for cryptocurrencies have seen a dramatic drop in recent trading sessions. Some well-known altcoins have experienced double-digit declines, including Shiba Inu (SHIB), Cardano (ADA), and Chainlink (LINK).

Although Ethereum and Bitcoin are also declining, the decline in altcoins is more noticeable. However, why is this taking place?

The Fed’s latest announcements, which are impacting investor mood and causing sell-offs throughout the cryptocurrency market, hold the key to the solution.

What Will Happen to the Crypto Market Next?

Government regulations, investor mood, and macroeconomic trends are just a few of the many variables that impact the extremely volatile cryptocurrency market.

As of right now, it seems that the Federal Reserve’s cautious stance to interest rates will cause cryptocurrencies to continue experiencing ups and downs.

Although these triggers are still unknown, the Trump administration and possible regulatory reforms may present growth prospects.

In the upcoming months, investors should brace themselves for ongoing volatility.

Chainlink, Cardano, and Shiba Inu Are Hit the Hardest

In just one day, the price of Shiba Inu (SHIB), a meme currency notorious for its volatility, has dropped by 11.5%. Likewise, both Cardano (ADA) and Chainlink (LINK) have experienced a decline of almost 10%. Due to their high level of speculation, these altcoins have been especially susceptible to changes in the market.

Investors are retreating from these riskier assets as a result of the Fed’s less aggressive rate-cut outlook.

Is It Time to Invest in Shiba Inu or Other Altcoins?

It’s crucial to evaluate the present state of the economy and the outlook for interest rates before thinking about investing in Shiba Inu, Cardano, or Chainlink.

Although some cryptocurrencies, like Shiba Inu, may yield large returns, they are still high-risk investments that are more motivated by speculation than sound fundamentals.

Why Are Cryptocurrency Interest Rates Important?

Investor behaviour is directly impacted by interest rates. Investors can take on debt and invest in high-risk assets like cryptocurrencies at a reduced cost when the Federal Reserve lowers interest rates.

A spike in speculative markets, such as cryptocurrency, is usually fuelled by decreasing interest rates.

But given the Fed’s more conservative outlook for 2025, interest rates might remain high for a longer period of time, which would dampen investor interest in cryptocurrencies.

The market correction and current cryptocurrency sell-off are the results of this.

Citing legal and financial concerns, the Fed rejects the proposal to create a Bitcoin reserve.

The Federal Reserve’s chairman, Jerome Powell, rejects the notion that the US central bank would own Bitcoin.

Powell highlights that Congress, not the Fed, must take action to resolve concerns about the Bitcoin reserve.

Central banks and financial experts strongly oppose the growing debates over a U.S. Bitcoin Strategic Reserve.

Bitcoin and Cryptocurrencies’ Future in U.S. Policy

Powell rejected the notion of a reserve for Bitcoin, but interest in the larger cryptocurrency market is still rising.

Cryptocurrencies’ place in the global financial system will only change as they gain popularity.

However, rather than adopting digital assets as reserve currency, the Fed and the majority of central banks are currently more concerned with the risks involved.

Powell’s speech emphasises that Bitcoin’s function in U.S. monetary policy is still unclear and quite speculative, but the U.S. Treasury and Congress will probably continue to discuss the benefits of a Strategic Bitcoin Reserve in the years to come.

bitcoin crashing

bitcoin

A U.S. Bitcoin Strategic Reserve: What Is It?

In the wake of President-elect Donald Trump’s victory, there has been increased interest in the concept of a U.S. Bitcoin Reserve.

Trump has proposed the establishment of a national Bitcoin stockpile, which might contain 200,000 bitcoins worth $21 billion at current prices, including those captured during illegal activity.

Republican Senator Cynthia Lummis has pushed for legislation that would require the U.S. Treasury to purchase 200,000 bitcoins a year until the reserve reaches one million.

Powell’s remarks, however, indicate that the Fed is not interested in participating in this endeavour, even though demand in such a reserve is growing.

Fed’s Wary Approach to Cryptocurrencies

Powell has maintained the Fed’s position on cryptocurrencies, claiming that the central bank’s job is to make sure that the markets don’t endanger the safety of consumers or the banking industry.

Powell clarified in his comments that although the Fed does not directly control cryptocurrencies, it does monitor how these companies interact with the conventional banking system in order to maintain financial stability.

Powell said the Fed would not seek to establish or oversee a Bitcoin reserve, leaving those decisions to Congress.

Because of the volatility and speculative nature of assets like Bitcoin, the Fed continues to be highly sceptical of cryptocurrencies.

Is Bitcoin Going to Be a Reserve Asset Someday?

There are various obstacles to the concept of a Strategic Bitcoin Reserve:

Legal and Political Obstacles: Major legislative reforms would be needed before the U.S. Treasury could purchase and hold Bitcoin.

Financial Market Volatility: Given its history of abrupt price fluctuations, Bitcoin’s appropriateness as a trustworthy store of value for national reserves is called into question.

Global Opposition: Because cryptocurrencies like Bitcoin are unstable, several central banks around the world, particularly those in Europe, have rejected the idea of utilising them as reserve assets.

The Federal Reserve’s stance on Bitcoin is still unambiguous: even though there is increasing support for a U.S. Bitcoin Reserve, the central bank has no intention of participating in such endeavours.

Instead of adopting cryptocurrencies as reserve assets, the Fed will continue to concentrate on regulatory monitoring due to Bitcoin’s persistent volatility and limited usefulness as a reliable store of value.

Congress and politicians, not the Fed, are currently in charge of determining the future of Bitcoin reserves.

A Comprehensive Guide on How to Access Your Steam Replay 2024

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With the official debut of Steam Replay 2024, Valve gives users a thorough overview of their gaming performance for the year. Steam Replay lets users think back on their gaming accomplishments, playtime, and more, much like other well-known year-in-review products like Twitch Recap or Spotify Wrapped.

Reasons to Verify Your 2024 Steam Replay

A fantastic tool for thinking back on your 2024 gaming accomplishments and habits is Steam Replay.

It offers insightful information on your playstyle, favourite games, and overall gaming progress, regardless of how much of a gamer you are.

It’s also entertaining to reflect on your gaming accomplishments over the course of the year.

What Does Steam Replay 2024 Cover?

You may view a comprehensive summary of your gaming activities during the year by going to Steam Replay 2024.

Top Games Played: Discover which games you spent the most time playing and how many hours you spent playing them in 2024.
Unlocked Achievements: Find out what achievements you have unlocked in your favourite games over the course of the year.
Control Setup: Get a preview of your favourite gaming configuration by seeing if you used a keyboard and mouse or a gamepad.
Gaming Sessions: Find out how many sessions you spent playing each game to see how frequently you play them altogether.
Monthly Breakdown: To provide you a comprehensive picture of your gaming habits throughout the year.

Reasons to Verify Your 2024 Steam Replay

A fantastic tool for thinking back on your 2024 gaming accomplishments and habits is Steam Replay.

It offers insightful information on your playstyle, favourite games, and overall gaming progress, regardless of how much of a gamer you are.

It’s also entertaining to reflect on your gaming accomplishments over the course of the year.

How to Get into Steam Replay 2024

Use these simple steps to view your Steam Replay 2024:
Go to the official website for Steam Replay.
Head to the official Steam Replay 2024 webpage to begin.
Log Into Your Steam Account
Sign in to your Steam account using your credentials. If you don’t have an account, you’ll need to create one.

Examine Your Review of the Year
You may browse through your customised year-in-review on Steam Replay after logging in.

All of your gameplay statistics, including your favourite games and accomplishments, are displayed here.

An amazing chance to revisit your favourite gaming experiences and monitor your progress over the year is provided by Steam Replay 2024. It’s the best way to view your gaming history on Steam, with a range of statistics such as the most popular games, accomplishments, and sessions played.

How to Get Fortnite’s Aerial Assault Trooper and Renegade Raider Skins 2024

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The Renegade Raider and Aerial Assault Trooper, two of Fortnite most recognisable skins, have returned after a lengthy seven-year break.

Originally thought to be uncommon, these skins represented original individuals that started playing Fortnite in its infancy.

Players now have the opportunity to unlock and buy these famous cosmetics for the first time in years.

How to Get the Skins for the Aerial Assault Trooper and Renegade Raider

 

The Fortnite Item Shop’s OG Season tab now offers the Renegade Raider and Aerial Assault Trooper skins.

Gamers must first accrue a specific quantity of experience points in order to unlock them for purchase.

To unlock the skins, you must have the following XP:

Trooper for aerial assault: This skin will cost 1,200 V-Bucks to acquire after you have earned 500,000 XP.

Renegade Raider: You must gain 1.5 million XP in order to unlock this legendary skin. You will need 1,200 V-Bucks to unlock the skin

What’s Next for Fortnite Fans?

 

Aside from these OG skins and cosmetics, Fortnite fans can look forward to exciting new content and collaborations. Leaks suggest that future updates will bring skins and items from popular franchises like Demon Slayer, Cyberpunk 2077, and Hatsune Miku.

Other Original Cosmetics in the Store

 

In addition to the Renegade Raider and Aerial Assault Trooper skins, the OG Season Shop revives additional vintage cosmetics from past seasons of Fortnite.

This is a list of every item in the OG Season Shop, together with information about its costs and XP requirements.

Purchase these cosmetics before January 30, 2025, as this is a limited-time offer.

You will have plenty of time to earn experience points and obtain these uncommon skins and cosmetics before they go on sale on January 30, 2025, at 7 PM ET.

Exclusive Benefits for Original Players

Early in the upcoming year, players who first acquired the skins for the Renegade Raider and Aerial Assault Trooper in 2017 will get new styles as a bonus.
This prize is a unique way to honour devoted Fortnite players who assisted the game in its early years.

How to Get Fortnite Aerial Assault Trooper and Renegade Raider Skins 2024

Since its launch seven years ago, Fortnite has seen amazing transformations. Some skins have become legendary along the road; two of the rarest and most sought-after outfits are Aerial Assault Trooper and Renegade Raider.

A unique event will mark the return of these skins, which have been absent from the Item Shop since Season 1.

When Do the Aerial Assault Trooper and Renegade Raider Leave the Store?

These fabled skins won’t last forever! On January 30, 2025, at 7 PM ET, Renegade Raider and Aerial Assault Trooper will depart the Fortnite Item Shop.
Players have 41 days in total to earn the XP required to unlock these skins and buy them with V-Bucks.
How to Get Fortnite’s Aerial Assault Trooper Skin
You will have to work hard if you want to unlock the Aerial Assault Trooper skin. Here’s how to accomplish it:
slide across a vehicle fortnite

fortnight rapper

To unlock Aerial Assault Trooper, you must earn one million XP.

You need to gain one million XP in order to unlock the Aerial Assault Trooper skin.
This corresponds to around 13.5 Battle Pass levels. You can buy the skin from the OG Season Shop for 1,200 V-Bucks if you’ve reached the necessary XP, which starts on December 19 at 7 PM ET.
The Original Style and LEGO Version of the Aerial Assault Trooper
Players who have been playing Fortnite from its inception will find nostalgia in the Aerial Assault Trooper’s original design.
A LEGO-style variant of the skin is also accessible for use.

How to Obtain the Glider for Aerial Assault One

The Aerial Assault One Glider can be purchased by individuals who want to finish off the Aerial Assault Trooper appearance.
To get this glider, players must gain 500,000 XP, or roughly six Battle Pass levels. It costs 500 V-Bucks.

How to Get Fortnite’s Renegade Raider Skin

One of Fortnite’s most recognisable and uncommon skins, the Renegade Raider, is back in stock. To unlock it, you must perform the following:

Get 1,500,000 Experience Points to Acquire Renegade Raider

Players must acquire 1,500,000 XP (about 19 Battle Pass levels) in order to obtain the Renegade Raider.
You can purchase the skin for 1,200 V-Bucks in the OG Season Shop after you reach this milestone.
This is your opportunity to obtain one of the rarest skins available in Fortnite.
The Original Style of Renegade Raider and New Versions
In addition to its original appearance, the Renegade Raider skin now comes in LEGO and Checkered styles for even more personalisation.Methods for Unlocking the Raider’s Revenge Pickaxe
The Raider’s Revenge Pickaxe is also available to players for 1,500 V-Bucks, but you must first accrue 2,000,000 XP, or around 25 Battle Pass levels, before you can buy it.

The Original Style of Renegade Raider and New Versions

In addition to its original appearance, the Renegade Raider skin now comes in LEGO and Checkered styles for even more personalisation.

Methods for Unlocking the Raider’s Revenge Pickaxe

The Raider’s Revenge Pickaxe is also available to players for 1,500 V-Bucks, but you must first accrue 2,000,000 XP, or around 25 Battle Pass levels, before you can buy it.

Unique New Looks for Original Performers

Players who previously purchased the Renegade Raider skin or its cosmetics will receive a new unique style in Spring 2025 as a thank you for being early supporters of the game, similar to what happened with the Aerial Assault Trooper.