Discount retailer Big Lots has announced plans to close 35 to 40 stores this year as it struggles with worsening financials and a challenging consumer market.
In a recent filing with the U.S. Securities and Exchange Commission, Big Lots revealed not only its store closures but also plans to open three new stores. At the beginning of 2024, the company reported operating 1,392 stores, a decrease from 1,425 stores in the first quarter of 2023.
Big Lots is grappling with declining sales and rising prices
“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,” stated Big Lots in the filing.
All while consumer spending has dropped. According to USA TODAY, sales fell by 10.2% between the first quarter of 2023 and 2024, leading to a significant loss of $114.5 million.
Here are some key factors contributing to the closures:
- Declining Sales: A notable 10.2% drop in sales between the first quarter of 2023 and 2024.
- Rising Prices: Inflation has led to higher prices, impacting both the retailer and its customers.
- Reduced Consumer Spending: Economic challenges have caused a decline in consumer spending power.
Despite these setbacks, Big Lots is striving to adapt and remain competitive in a tough market by strategically closing underperforming stores and opening new locations where there is potential for growth.
In 2024, the U.S. economy continues to grapple with macroeconomic challenges, including elevated inflation, which has significantly affected the buying power of consumers. According to a recent filing from Big Lots, this economic climate has had a notable impact on their customers. Additionally, the company has accrued an extra $72.2 million in debt, increasing its total debt from $501.6 million in the first quarter of 2023 to $573.8 million for the first quarter of this year.
What Big Lots Stores Are Closing?
Big Lots currently has 1,389 locations across 48 states, Stores across 27 states with closure notices on their web pages.
- Alabama: Troy
- Arizona: Flagstaff, Glendale, Laveen, Mesa, East Mesa, Peoria, Phoenix (Ray Road, 75th Avenue, Bell Road, West Bethany Road, East Bell Road), Scottsdale,
- Tucson (North Oracle Road)
- Colorado: Aurora (South Parker Road), Grand Junction, Littleton, Longmont
- Connecticut: Manchester, Milford, Waterford
- Florida: Boca Raton, Bonita Springs, Clewiston, Coconut Creek, Destin, Hallandale, Hollywood, Miami Lakes, Orange Park, Orlando (Waterbridge Downs),
- Pompano Beach
- Georgia: Savannah, Thomson
- Illinois: Crest Hill, Lockport, Niles
- Indiana: North Indianapolis, Kokomo
- Kansas: Kansas City
- Louisiana: Lafayette, Natchitoches
- Maryland: Laurel, Lexington Park, Reisterstown
- Massachusetts: Dennis Port
- Michigan: Kentwood, Okemos, Portage, Ypsilanti
- Minnesota: Albert Lea
- Missouri: Kansas City (Washington Street), Saint Joseph, Saint Louis (Christy Boulevard)
- Montana: Helena
- New York: Carle Place, Centereach, Queensbury
- North Carolina: Durham (Avondale Drive)
- Oregon: Albany, Salem
- Pennsylvania: Clifton Heights, Exton
- South Carolina: Aiken, Chester, Newberry
- South Dakota: Rapid City
- Utah: Layton, Logan
- Vermont: Barre
- Virginia: Fredericksburg (Warrenton Road), Manassas
- Washington: Bellingham, Burien, Covington, Everett, Kent, Lacey, Lynnwood, Olympia, Port Angeles, Renton, Tacoma (72nd Street), Vancouver (SE 164th Avenue)
- Wisconsin: Fond du Lac, Menomonee Falls, Mount Pleasant, Sheboygan, West Bend
Where Are Big Lots Stores Located in Iowa?
Iowa is home to three Big Lots locations:
- Burlington: 3320 Agency St.
- Davenport: 3562 N. Brady St.
- Des Moines: 4365 Merle Hay Road
