MJP – Supermarket chain An SEC filing by Big Lots revealed the possibility of up to 315 store closures.
Updated loan terms were included in Wednesday’s filing for the struggling company, which included closings, a reduction in the store’s credit limit, and an increase in the interest rate on the line. Up to 150 stores may have closed under the initial deal.
In a second SEC filing made in early July, the firm announced that it would be closing 35 to 40 stores before the end of the year.
“The purchasing power of our customers has been adversely affected by the continued macroeconomic challenges in the U.S. economy in 2024,” Big Lots stated in the statement.
Sales for the first quarter of 2024, which concluded in May, were down over 10% year over year, according to the company’s report.
Do you know which Big Lots locations are going out of business?
On the information page for the impacted site, Big Lots marked several stores as shutting. No specific list of stores set to closure was made public by the corporation.
This Columbus, Ohio, retailer reportedly marked 293 stores as “closing soon” as of Friday, according to the USA TODAY Network affiliate the Columbus Dispatch.
SEE MORE –
With “the difficult decision to close certain underperforming stores,” Big Lots informed USA TODAY on Wednesday, even though most of their stores are profitable.
As of Monday, 75 out of 109 stores in California will be shuttered, making it the state with the highest number of store closures, according to Chain Store Age, a news site for the retail business.
There are now 1,389 sites listed on the company’s store locator.
