Two months after announcing plans to close about 40 stores nationwide due to financial woes, Big Lots now intends to close almost 300 stores. The discount retailer announced in June it faced financial strain, resulting in 35-40 store closures. But an audit on Aug. 2 reveals nearly 300 stores are slated to close, including 18 in New England.
As of Aug. 2, Big Lots listed 1,389 stores nationwide on its website. With 289 closures coming, there will be a nearly 21% decrease in stores. California is hit hard, with 75 of its 109 stores closing.
Some states appear to be spared. Texas, with 116 locations, shows none closing.
Big Lots saw a net sales decrease of $114.5 million from Q1 2023 to Q1 2024. This decrease amounts to 10.2% of the company’s net sales. The company's long-term debt increased by $72.2 million, totaling $573.8 million in long-term debt.
"We experienced decreased comps and net sales in all of our merchandise categories," the company reported in June. "Our home products categories continue to be negatively impacted by macroeconomic pressures affecting our customers’ discretionary spending."
Between net losses and cash flow issues, there is "substantial doubt" about the company's "ability to continue." More than half the country will see store closures, with 36 states closing at least 289 Big Lots stores.
You can find a full list of the stores closing here.