Big Lot to Close 315 Stores Across the Country
Embattled discount retailer Big Lot recently announced plans to close up to 315 stores nationwide. This decision comes as part of the company’s efforts to restructure and improve financial performance.
In response to the store closures, Big Lot has also updated its loan terms, reducing its credit limit and increasing the interest rate. These changes reflect the challenges the Columbus, Ohio-based retailer is facing in a competitive retail environment.
Financial Struggles and Operating Losses
The decision to close a significant number of stores follows Big Lot’s recent financial difficulties. The company reported a net loss of $205 million for the quarter ended May 4, 2024. President and CEO Bruce Thorn attributed this loss to a decrease in consumer spending, impacting the company’s overall sales.
Despite efforts to improve performance, Big Lot experienced a 10% decline in first-quarter sales, totaling $1 billion. The company also expressed concerns about its ability to continue operations, citing expected operating losses and financial uncertainty.
Store Closures by State
In California, 75 out of 109 Big Lot stores are set to close, while all 116 stores in Texas will remain open. Across the country, stores in various states will be affected by the closures. Here is a list of stores slated for closure by state:
California
- Anaheim
- Atascadero
- Bakersfield
- Canyon Country
- Chico
- Concord
- Fontana
- Fresno
- Gilroy
- Indio
- Inglewood
- La Habra
- La Mesa
- Livermore
- Lodi
- Long Beach
- Los Banos
- Manteca
- Merced
- Milpitas
- Mission Viejo
- Modesto
- Oceanside
- Ontario
- Oroville
- Paradise
- Placerville
- Rancho Santa Margarita
- Redlands
- Riverside
- Sacramento
- Salinas
- San Bernardino
- Santa Clara
- Santa Maria
- Santa Paula
- Santa Rosa
- Simi Valley
- Spring Valley
- Stockton
- Temecula
- Torrance
- Tracy
- Turlock
- Ukiah
- Vacaville
- Victorville
- Visalia
- Whittier
- Woodland
- Yuba City
- Yucca Valley
Colorado
- Aurora
- Colorado Springs
- Grand Junction
- Greeley
- Littleton
- Longmont
Connecticut
- Manchester
- Milford
- Newington
- Norwich
- Torrington
- Waterbury
- Waterford
- Windsor
Impact and Future Outlook
The closure of these stores will have a significant impact on local communities and employees who will be affected by the decision. Big Lot continues to evaluate its operations and financial strategies to navigate these challenging times and ensure long-term sustainability. As the retail landscape evolves, it is essential for companies like Big Lot to adapt and make strategic decisions to thrive in a competitive market.
By implementing these store closures and making strategic business adjustments, Big Lot aims to position itself for future growth and success in the retail industry. The company remains committed to serving its customers and delivering value while addressing its financial challenges.
