Kamala Harris is bragging about the Biden-Harris economy during her do-over campaign for the White House.
It’s hard to understand why she would do that considering the damage the Biden-Harris Administration has caused to the wallets of American workers.
And now the Biden-Harris economic destruction just claimed yet another victim.
Kamala vows to continue Bidenomics
The workforce participation rate in the United States is still below pre-COVID levels.
Wages have stagnated and millions of Americans have been forced to replace full-time careers with multiple part-time jobs.
Meanwhile, prices continue to soar.
During the Biden-Harris regime, gas prices hit record highs, and inflation ballooned to crippling rates not seen since the Jimmy Carter Presidency.
Thanks to President Joe Biden and Vice President Kamala Harris, housing and vehicles are now priced out of reach for millions of Americans.
And it’s not just consumers who are feeling the pain in the pocketbook.
Businesses have been squeezed on both ends by Biden-Harris economic failure.
Just like their customers, businesses also are paying more and more for goods.
And they have to deal with a dwindling customer base as consumers are forced to make cutbacks.
The combination is causing many companies to close their doors.
Even American staple Red Lobster has filed bankruptcy just a few months ago.
And they may soon have some company in bankruptcy court.
Big Lots not seeing the big bucks
The Epoch Times is reporting that Big Lots is getting a lot smaller.
Executives at the company are expressing “serious doubt” about the future viability of the discount chain.
According to The Epoch Times, Big Lots has filed a U.S. Securities and Exchange Commission (SEC) to amend a 2022 credit agreement with the lender and is now planning to close 315 stores nationwide.
Originally the agreement was to close 150 stores.
“Due to ongoing negative macroeconomic factors and their uncertain impacts on the company’s business, results of operations, and cash flows, the company expects to experience further operating losses,” according to the SEC filing.
Big Lots has 1,392 stores across America, so, the 315 closures represent about 22% of the corporation’s storefronts.
According to the report, Big Lots CEO Bruce Thorn acknowledged missed sales targets in the first quarter of 2024.
Thorn blamed “continued pullback in consumer spending by . . . core customers, particularly in high ticket discretionary items.”
More stores are shutting doors
Just as Red Lobster isn’t alone in restaurant giants closing their doors, Big Lots isn’t the only retail company dealing with such misery under the Biden-Harris regime.
The Epoch Times reported last month that furniture retailer Conn’s announced it has filed bankruptcy and will be shutting down all its 553 shops.
Also in July, supermarket chain Stop & Shop confirmed it will be closing 32 outlets before the end of the year.
Vice president of bankruptcy data provider Epiq AACER Michael Hunter believes shoppers can expect to see more of their favorite chains go by the wayside.
“Based on current trends and economic indicators, I expect bankruptcy filing volumes to continue this steady increase throughout the remainder of 2024 and into 2025,” Hunter said.
US Political Daily will keep you updated on any developments to this ongoing story.
