Big Lots store closures could exceed 300 nationwide, discount chain reveals in filing
Big box discount store Big Lots announced that it may close up to 315 stores in an Securities and Exchange Commission filing.
The filing made Wednesday outlined updated loan terms for the beleaguered retailer that lowered the store's credit limit and raised the line's interest rate in addition to the closings. The original agreement allowed for up to 150 store closings.
The company said in early July that it would close 35 to 40 stores by the end of the year in a separate SEC filing.
"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 said in the filing.
The company reported that sales in the first quarter of 2024, which ended in May, fell more than 10% compared to the previous year.
What Big Lots stores are closing?
Big Lots marked some stores as closing on the affected location's info page. The company did not release a list of stores it intended to close.
The Columbus Dispatch — a part of the USA TODAY Network — reported that the Columbus based retailer had listed 293 locations as "closing soon" as of Friday. The company did not immediately respond to a request for a list of closing locations or comment Tuesday.
California is to see the most stores closed, with 75 out of 109 stores in the state to be shuttered as of Monday, according to retail industry news site Chain Store Age.
The company's store locator lists 1,389 locations currently in operation.