2024-07-13 09:30:02
Big Lots will close 35 to 40 stores this year as the company struggles with a tough consumer market.
In a filing to the U.S. Securities and Exchange Commission, the discount retailer said it planned to close 35 to 40 stores this year and open three. The company reported 1,392 operating stores at the start of 2024, down from 1,425 in the first quarter of 2023.
“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,” the filing from Big Lots said.
Here’s what to know about the Big Lots closures and how Arizona might be affected.
The retailer, like many others, has grappled with declining sales amid rising prices and a downturn in consumer spending. According to the financial disclosure, sales dropped 10.2% between the first quarters of 2023 and 2024, equating to a loss of about $114.5 million.
The company also took on an additional $72.2 million, bringing the total from $501.6 million in the first quarter of 2023 to $573.8 million for the first quarter of this year. The company also said it had “substantial doubt” about the ability of the company to continue operation, leading to speculation of a potential bankruptcy filing.
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The document did not disclose the locations at which stores would be closing. Big Lots did not immediately respond to requests for comment and closing information.
More:These stores are offering big deals before Amazon Prime Day. Here’s how to shop them
There are 34 Big Lots locations in Arizona, with 18 in metro Phoenix. These are the addresses, according to
Several prominent restaurant and retail chains have filed for bankruptcy since the pandemic, including Red Lobster and Bed Bath & Beyond.
Other companies have announced rounds of store closures, including Walgreens and Hooters.
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