Map Reveals Where Hundreds Of Big Lots Stores To Close Across US

Discount retailer Big Lots has announced it may close over 300 stores nationwide in a Securities and Exchange Commission (SEC) filing.

The discount retail chain is expected to halt operations at 315 locations across the U.S., roughly 22 percent of its stores.

The company reported a net loss of $205 million for the first quarter of 2024 and an increase in long-term debt to $573.8 million.

It comes after the company announced in June that 40 of its stores would close.

California will have the most stores closed, with 75 out of 109 set to be shuttered, including locations in Anaheim, Bakersfield, and Sacramento. In Florida, 26 stores will close and 18 in Washington.

Other states with significant closures include Colorado, where all three Colorado Springs locations will shut down, along with additional stores in Aurora, Grand Junction, Littleton, and Longmont. ​

The company’s recent filings with the SEC reveal that these closures come as Big Lots grapples with significant debt and declining sales.

Joseph Foudy, Professor at NYU Stern School of Business, told Newsweek the Big Lots closures are due to “short-term consumer weakness and long-term market trends.”

“The $200 million plus net loss the firm has forced this restructuring as the company worries about both dwindling cash reserves and investor demands for a new business strategy. In fact, in its last official SEC filing, it warned about the firm’s ability to survive,” he added.

High inflation and stiff competition have dampened consumer spending.

“Inflation is subsiding, but sticker shock remains for some consumers,” Foudy said.

A Big Lots spokesperson told Newsweek the move is part of a broader strategy to stabilize the company financially.

“Big Lots continues to provide incredible value and remarkable discoveries for our customers as we execute a clear plan to build a stronger business.

“While the majority of our stores are profitable, we have made 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.

“We greatly appreciate and will use our best efforts to support our dedicated and hard-working associates impacted by a closure, including by accepting requests to transfer to another Big Lots location if they choose.

“We also plan to offer closing store severance for those unable to transfer to another store.

The company is not alone in its plight; the retail sector as a whole has been navigating turbulent waters since the COVID-19 pandemic, which has led to numerous store closures and bankruptcy across the industry. ​

“This is part of a continued trend that has hit large retail chains since before COVID and includes American stalwarts like ToysUS, Sears, JCPenny, and Bed, Bath, and Beyond,” said Foudy. “These companies have all been hit by the steady rise of e-commerce, changing consumer preferences, as well as some management missteps and, in some cases, excess debt. Consumers in the U.S. are starting to pull back on spending.”

Big Lots is offering discounts of up to 20%percent on all inventory at the closing locations. These sales are part of the company’s effort to clear out merchandise as they wind down operations at the affected stores.

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