Two retailers

to close soon

Big Lots, a discount store at the Forum Shopping Center in east Bend, will close on Feb. 26, despite its corporate owners’ attempt to sell the business while in Chapter 11 bankruptcy reorganization.

Also closing is Joann, a craft and fabric store on SW Sixth Street in Redmond, which doesn’t have a closing date yet in its Chapter 11 bankruptcy reorganization. The parent company of Joann received court approval to begin the process of closing 500 stores across the country. 

Liquidation sales start this week, according to the Joann store court filings. 

Both locations occupy large retail space in Central Oregon.

Big Lots announced in 2024 that it was selling most of its stores and assets and at the same time initiated Chapter 11 bankruptcy proceedings. In the company’s statement announcing its need to file for bankruptcy, it said that high inflation and interest rates affected its bottom line especially since its core customers curbed discretionary spending on home and seasonal products.

Social Security

head steps down

The Social Security Administration’s acting commissioner has stepped down from her role at the agency over Department of Government Efficiency requests to access Social Security recipient information. That’s according to two people familiar with the official’s departure who were not authorized to discuss the matter publicly. Acting Commissioner Michelle King’s departure from the agency —after more than 30 years of service — was initiated after King refused to provide Department of Government Efficiency staffers at the Social Security Administration with access to sensitive information, the people said.

Southwest Airlines

cuts workforce

Southwest Airlines is eliminating 1,750 jobs, or 15% of its corporate workforce, in the first major layoffs in the company’s 53-year history. The Dallas-based airline said Monday that the job cuts would be focused almost entirely on “corporate overhead and leadership positions,” including senior leadership and directors. Eleven senior leadership positions, representing 15% of the company’s senior management committee, are also being eliminated. Southwest CEO Bob Jordan said the job cuts are part of a plan by the airline to slash costs and transform the company.

Trump’s crypto

related ventures

President Donald Trump has leaned into his unofficial role as the “crypto president” in ways that can both help the crypto industry and enrich himself and his family. Once a skeptic of cryptocurrencies, Trump has made a complete reversal and embraced digital currencies in a way no other elected official has done. He’s also attached the Trump name to a crypto token and other crypto-themed products. The cryptocurrency industry, which spent heavily to help Trump win last year’s election, has expressed mixed feelings about some of his crypto ventures.