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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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  "notes": "The slide argues for the monetization of real estate assets and criticizes the Board's past capital allocation decisions.",
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      "text": "New Stores Do Not Appear to Generate an Adequate Return: 138 stores closed, 110 opened; no net growth and skepticism on strategy.",
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      "text": "Moving Away from Store of the Future: New initiatives are claimed to be more accretive, but previous capital allocation was not.",
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      "text": "Worst in Class Valuation: Investors' confidence in the Company's performance and strategy has NEVER been lower.",
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      "text": "We believe the Company owns more than $1 billion of suppressed real estate assets. Most of this value lies within Big Lots distribution center assets (\"Industrial\").",
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      "kind": "paragraph",
      "text": "As noted above, we are aware that the Board rejected a credible offer to undertake a sales leaseback opportunity... We believe these poor Board decisions... is evidence of a Board that is out of touch.",
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      "text": "Real Estate Market Value of Over 1 Billion Dollars",
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      "text": "We Believe the Board has Failed to Optimize the Company's Balance Sheet",
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