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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": "The Investor Group is alarmed by the Company's sustained history of poor stock performance. As shown below, the stock has underperformed its proxy peer group and off-price peers over all time frames across a 1, 3, and 5 year period.",
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      "text": "The Company's decline in earnings is equally concerning, as both operating income and margins have decline materially.",
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      "text": "Source: Bloomberg LP. Macellum believes Off-Price Discount Peers (\"Macellum Peer Group\") are the most relevant peers to compare to Big Lots. Proxy Peer Group includes: ANF, AAP, AEO, ASNA, BBBY, BURL, DKS, DBI, EXPR, FL, LB, RH, ROST, TSCO, URBN, and WSM.",
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      "text": "Share Price Performance (Total Shareholder Return Including Dividends)",
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