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  "documentTitle": "Macellum Big Lots Letter March 2020",
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  "presentationDate": "2020-03-01 00:00:00",
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      "text": "Macellum Ancora Capital Management",
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      "text": "The Investor Group believes the opportunity for the Company to monetize its real estate assets represents an extraordinary opportunity... The net proceeds of this type of transaction would be worth significantly more than the current market cap of the Company of $648 million, as of March 5, 2020.",
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      "text": "March 6, 2020 Dear Fellow Shareholders, Macellum Advisors GP, LLC... and Ancora Advisors, LLC... beneficially own, in the aggregate, 4,315,455 common shares of Big Lots, Inc. ... constituting approximately 11.0% of the outstanding stock.",
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      "text": "Big Lots stock has significantly underperformed the Company's closest retail peers along with the broader stock market across multiple time horizons based on a variety of metrics.",
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      "text": "With EPS at nearly 2x the level management just guided to for fiscal 2021... the Investor Group believes that the Board can oversee a renewed strategy for growth that can improve the Company's valuation and drive shareholder returns 3-4x higher than the current share price.",
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