Big Lots is closing hundreds of stores after warning it could go out of business
CNN
Big Lots is closing more than 300 locations across the United States, or roughly 4% of its stores, following an earlier warning that its future was in “substantial doubt” amid ongoing financial troubles.
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. 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.” “We are confident that the steps we are taking will best position the company for the future as we return to our roots, focus on owning the bargain space, and deliver unmistakable value to our customers,” Big Lots said.
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