Blue State Blues: Discount Retailer Big Lots to Close More Than 50 Stores in California
27th July 2024
Big Lots said in a June filing with the U.S. Securities and Exchange Commission (SEC) that it plans to open three stores nationwide this year and close 35 to 40.
Prior to the announcement, Big Lots had 1,392 stores throughout the United States.
In its SEC filing, the Columbus, Ohio-headquartered company said the planned closures follow “macroeconomic challenges” within the U.S. economy, such as inflation, that had “adversely impacted” the buying power of its customers.
The retailer also warned in its SEC filing that, based on current cash and liquidity projections, it has “substantial doubts” about its ability to continue. It also cited a “significant likelihood” that Big Lots won’t meet the terms of a 2022 credit agreement.