Big Lots Announces 56 More Store Closures Across the U.S. in 2024 – See the Full List
Big Lots Stores Closing
Big Lots has announced a wave of store closures across the U.S., aiming to permanently shutter over 56 locations.
This decision is part of the discount retailer's efforts to navigate financial challenges and streamline operations. With stores closing in numerous states, many shoppers wonder which locations are affected and what it means for their local communities.
The closures are part of the company's ongoing Chapter 11 bankruptcy proceedings, which were launched to facilitate a sale to investment firm Nexus Capital Management. As the process unfolds, more stores could be affected.
List of Big Lots Store Closures
Why Is Big Lots Closing Stores?
The company’s decision to close stores is primarily driven by financial difficulties. Big Lots filed for Chapter 11 bankruptcy in early September to address these challenges and facilitate a potential sale of its assets. The goal is to maximize value while maintaining operations during the bankruptcy process.
In the second quarter of 2024, Big Lots reported $1.05 billion in net sales, marking an 8% decline compared to the same period last year. The quarterly net loss reached nearly $238.46 million, highlighting the company’s ongoing struggles.
According to CEO Bruce Thorn, while many store locations remain profitable, the closures are part of an effort to optimize the retailer's footprint and ensure long-term efficiency. "We are committed to continuing operations and will use this process to optimize our store fleet," Thorn stated.
Which Big Lots Stores Are Closing Near You?
If you are wondering whether a Big Lots near you is closing, the best approach is to check for updates directly from the company or your local news outlets. Maryland, Texas, and Tennessee are among the states with multiple closures, so it’s worth looking up specific stores in those areas.
The company will continue to provide information regarding additional closures, and customers have until a specified date to object to planned closures.
Big Lots Aren’t Alone: Other Retailers Closing Stores
Big Lots isn’t the only retail giant facing closures. Other companies, such as Walgreens, are also reducing their store count due to economic pressures and evolving consumer behaviours. This trend indicates a broader shift in the retail industry, where traditional stores are grappling with changes in how people shop.
What Does This Mean for Big Lots’ Future?
The fate of Big Lots depends heavily on the outcome of the Chapter 11 bankruptcy proceedings. If the proposed sale to Nexus Capital Management goes through successfully, the company will continue to operate, albeit with a more streamlined approach. However, the number of closures may still increase as the company works to achieve a more sustainable business model.
In short, Big Lots is aiming for a fresh start by closing stores and focusing on a more efficient operation. Shoppers may experience a smaller footprint, but the company’s core goal remains the same—to serve customers with affordable products.
What Can You Do If a Big Lots Near You Is Closing?
If you discover that a Big Lots near you is closing, now might be a good time to take advantage of clearance sales. Many stores undergoing closure often have significant markdowns to clear out inventory, presenting an opportunity for shoppers to find bargains.
To stay updated on store closures or to find alternatives, visit the Big Lots website for the latest information. Additionally, consider signing up for email alerts from the company to receive updates about potential store closures in your area.
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