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Big Lots to close over 300 stores.

Big Lots to Shutter 315 Stores: A Sign of the Times?

Published August 6, 2024 at 7:27pm by James Powel

Big box discount store Big Lots is planning to shutter up to 315 stores, according to an SEC filing Wednesday. The announcement comes as the retailer faces financial constraints, including reduced credit limits and higher interest rates.

"In 2024, the U.S. economy has continued to face macroeconomic challenges including elevated inflation, which has adversely impacted the buying power of our customers,”

Big Lots SEC Filing

The company previously announced in July that 35-40 stores would close by the end of the year, and sales have since dropped over 10% in Q1 2024.

While Big Lots has not released an official list of closures, some stores have been marked as closing on their info pages. As of Friday, 293 locations were listed as "closing soon."

California will be the hardest hit, with 75 closures out of 109 stores in the state, according to Chain Store Age. With 1,389 stores currently in operation, this move significantly impacts the retailer's physical presence.