Major Discount Retail Chain Plans To Close Over 300 Stores

The economic woes under the Biden administration continue.

American discount retail store Big Lots has announced it’s planning to close over 300 locations across the United States.

In a statement, a spokesperson for Big Lots shared, “taking decisive actions to operate efficiently and reviewing our store footprint on an ongoing basis to make sure we’re best positioned to serve our customers and our business.”

The move by Big Lots comes as the company reported a 10% decrease in sales and a $205 million loss in its last quarter earnings.

Discount retailer Big Lots to close hundreds of stores – see if yours is on the list. https://t.co/8hOigHX3Qh

— Ed Cleary 🇺🇸🦅☀️🌴 (@EdCleary1) August 14, 2024

Per CNN:

Big Lots is closing more than 300 locations across the United States, or roughly a quarter of its stores, following an earlier warning that its future was in “substantial doubt” amid ongoing financial troubles.

The discount retailer previously said it planned to close as many as 40 stores during its most recent earnings report in June, when it recorded a 10% decrease in sales and a $205 million loss for the quarter because customers are cutting back on spending. In a recent regulatory filing, Big Lots said it would increase the number of closures to 315 stores, part of an updated loan agreement to secure its finances.

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A specific list wasn’t revealed, but Big Lots is listing closing sales at hundreds of its 1,389 stores on its website.

Big Lots said in a statement Tuesday to CNN that it’s “taking decisive actions to operate efficiently and reviewing our store footprint on an ongoing basis to make sure we’re best positioned to serve our customers and our business.”

A company spokesperson said that although a “majority” of its stores are profitable, it’s making the “difficult decision to close certain underperforming stores.”

SHUTTING DOWN: Big Lots is expected to close hundreds of stores across the U.S., including more than two dozen stores in Florida.

LIST OF CLOSING STORES: https://t.co/4JayTlpna6 pic.twitter.com/PW57qu12Pg

— 10 Tampa Bay (@10TampaBay) August 8, 2024

Per The Independent:

Discount retailer Big Lots is closing more than 300 stores across the US after issuing a warning that its future is in doubt.

Big Lots will lose about a quarter of its locations after previously saying it was planning on closing about 40 locations during a quarterly earnings report. That’s when it announced a 10 percent sales drop, equating to about $205 million, in the quarter as customers were spending less.

In a subsequent regulatory filing, the company said it would increase the number of store closures to 315 as part of a loan agreement.

While a full list of the closing stores hasn’t been shared, Big Lots is detailing closing sales on its site at hundreds of its stores.

The company said it’s “taking decisive actions to operate efficiently and reviewing our store footprint on an ongoing basis to make sure we’re best positioned to serve our customers and our business,” in a statement to CNN. Shares in the company have decreased by about 90 percent this year.

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At first Big Lots was closing 11 locations in Florida after slipping revenues. Now that number has more than doubled. Here's where. https://t.co/IVoLeWBipp

— Sarasota Herald-Tribune (@HeraldTribune) August 13, 2024