Big Lots is one of the bigger discount retail chain stores in America. With more than 1,300 locations nationwide, the discount chain has had its share of ups and downs as the decades have passed.
Earlier in 2024, Big Lots estimated that it would be closing 35-40 stores nationwide that were struggling, and according to SEC filings, the chain warned of its ability to survive as a “going concern.”
Now, it looks like Big Lots may have extremely undershot its projections moving forward.
Big Lots Just Announced It’s Closing a Whopping 300 Locations
According to Chainstoreage.com, Big Lots has updated the store location section on its website, which now shows nearly 300 stores earmarked for closure as of Aug. 2
It’s pretty bad when you look under the hood. Sales at Big Lots fell 10.2 percent to $1 billion in the first quarter, which ended May 4, with a 9.9 percent decrease in comparable sales. Big Lots blames a continued pullback in consumer spending by its core customers.
Big Lots is also now going to have to check in with its lenders more often, to report any changes —either positive or negative — in its revenue stream for the rest of 2024.
Big Lots was founded in 1967, and the idea was to take closeouts from other major retailers, whether unsold or due to liquidation, and sell them to a different market of buyers that were slightly lower income that would love to have name-brand things at a discount.
It seems as if this model might not be sustainable in the new age of retail, post-pandemic.
Masslive.com has an extensive list of each and every Big Lots store, in every state, that is set to shutter its doors. If yours is on the list, get there fast for some extra big closeout savings.
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