Big Lots Plans to Shut Down Up to 315 Stores – One America News Network
OAN Staff Abril Elfi
2:12 PM – Wednesday, August 7, 2024
Big Lots will be closing 315 of its store locations, according to a Securities and Exchange Commission filing.
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In addition to the closures, the document filed on Wednesday detailed revised loan terms for the struggling retailer, which included a reduction in the store’s credit limit and an increase in the interest rate on the line. The original agreement allowed for up to 150 store closures.
In a separate SEC filing, the company previously announced in early July that it would close “35 to 40 stores” by year’s end.
“In 2024, the U.S. economy will continue to face macroeconomic challenges including elevated inflation, which has adversely impacted the buying power of our customers,” Big Lots said in the filing.
According to the company, sales decreased by over 10% in the first quarter of 2024, which concluded in May. This was in comparison to the same period the previous year.
The Columbus Dispatch reported that the retailer had 293 locations marked as “closing soon” as of Friday. A request for a list of closing locations and a comment were not immediately answered by the company on Tuesday.
Chain Store Age, a news website that covers the retail industry, said that 75 out of 109 stores in California are expected to close as soon as Monday, making it the state with the highest number of Big Lots closures.
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