When Bed Bath & Beyond announced it would be filing for bankruptcy in April after a months-long struggle, many other retailersfinancial problems"We think there's a big opportunity for us to bring in some of the dislocated customers from the Bed Bath & Beyond bankruptcy," Bruce Thorn, Big Lots president and CEO,."We've got a good store footprint overlap with their stores within 10 miles.
"Our recent campaign to honor their 20% discount was a great success in terms of attracting 90 million TV and radio impressions, and that resulted in good redemption rates that allowed us to sign up more loyalty customers from that," Thorn added."We expect that to continue. Right now, they're in the process of liquidating their stores and their products."
He said Big Lots also plans to focus on"other companies that unfortunately have gone out of business." On Friday, it reported a net loss of $206.1 million in its fiscal first quarter and a year-over-year drop of 18.3% in net sales. The company also suspended its dividend,Big Lots isn't alone in trying to capitalize on the fall of Bed Bath & Beyond.
Do you work for Big Lots and have a story to share? Contact reporter Ben Tobin over email at btobin@insider.com.Subscribe to push notificationsNOW WATCH: At its peak, Forever 21 made $4.4 billion in revenue. Here's what led to the brand's downfall and bankruptcy.