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Big Lots to close 315+ stores

Big Lots to Shutter Up to 315 Stores

Published August 7, 2024 at 3:13pm by Alexis Simmerman

Big box discount store Big Lots announced it may close up to 315 stores, according to an SEC filing on Wednesday. The announcement comes as the retailer faces financial troubles, with declining sales and the possibility of bankruptcy.

Big Lots' Financial Struggles

"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

In its SEC filing, Big Lots cited financial troubles as the reason for the potential store closures. The company's June public filing painted a grim picture, stating that inflation has hurt American customers' purchasing power. The filing also raised the possibility of bankruptcy, noting that the retailer may not be able to comply with its credit agreement in the next year.

The financial disclosure showed a sales drop of 10.2% between the first quarters of 2023 and 2024, resulting in a loss of about $114.5 million.

Store Closings and Bankruptcy in Retail

If Big Lots files for bankruptcy, it will join several prominent restaurant and retail chains that have done so since the pandemic, including Red Lobster, Rite Aid, Bed Bath & Beyond, and Christmas Tree Shop.

Other retailers have also announced location closures to cut "underperforming" stores. Since 2020, Hooters, Walgreens, Sears, Kmart, J.C. Penny, and even Disney Stores have shuttered locations across the nation.

Texas furniture store Conn's is also considering bankruptcy and closing locations, and Italian restaurant chain Buca di Beppo filed for Chapter 11 bankruptcy on Monday.

List of Big Lots Stores Closing in 2024

As of Friday, Big Lots operates 1,389 locations, down from 1,425 at the start of 2023. More than 20% of stores across the country are listed as "closing soon."

The list of affected stores by state:

Alabama: 1
Arizona: 18
Arkansas: 1
California: 75
Colorado: 8
Connecticut: 8
Florida: 26
Illinois: 9
Indiana: 5
Kansas: 2
Kentucky: 3
Louisiana: 4
Maine: 1
Maryland: 5
Massachusetts: 5
Michigan: 11
Minnesota: 1
Missouri: 6
Montana: 2
New Hampshire: 1
Nevada: 1
New Jersey: 1
New York: 10
North Carolina: 7
Ohio: 8
Oregon: 8
Pennsylvania: 6
South Carolina: 3
Tennessee: 3
Utah: 4
Vermont: 2
Virginia: 8
Washington: 18
Wisconsin: 7
Wyoming: 1