SHOPPERS voiced their concerns about the retail sector as one chain announced the loss of up to stores and warned customers to prepare for further disruption.
Marshalls rival Big Lots announced the upcoming closure of between 35 and 40 locations in a financial report filed last month.
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This comes after the discount chain closed more than 50 last year and 13 more this year.
The Ohio-based company made the announcement at a Security Exchange Commission archiving blaming its continued financial difficulties on “high inflation” and a “downturn in consumer spending.”
“We currently expect to open three stores and close 35 to 40,” the chain said.
He added that it has a “significant number of underperforming stores,” with the company losing $132 million in the first three months of this year.
“Where do people go to shop?” a worried buyer he said in response to news on Facebook.
“No, come on, please stop closing our stores, I like Big Lots,” wrote another.
Shoppers expressed these sentiments in another publish on social media site.
“At this rate, there will be no more stores and we will have to buy everything online,” said one.
“You can’t see the merchandise before you buy. What a sad world this is becoming.”
“There won’t be any stores left besides Walmart as it is,” added another.
It is not yet known which stores will close.
Although the decline in visitor numbers has led the retailer to rethink its operational footprint, there are fears about the future of the chain.
In the document filed with the SEC, Big Lots executives admitted “substantial doubts” about their ability to keep the chain alive.
Net sales fell more than $114 million in the first quarter compared with the same period in 2023, its fiscal report showed.
“Our net losses and use of cash in operating activities in 2022, 2023 and the first quarter of 2024, as well as our current cash and liquidity projections, raise substantial doubts about our ability to continue,” the network reported.
Bosses added that Bit Lots “expects to suffer further operational losses and will have difficulty remaining in compliance” with its credit agreements.
Restaurant Closings in 2024
BOSSes of major restaurant chains have announced a series of restaurant closures. The US Sun has compiled a list of those affected by the network.
- Biscuit Barrel: Stores in Medford, Oregon, Columbia, South Carolina and Sacramento, California, closed.
- Mod Pizza: Bosses dramatically closed 27 stores in April, including some in the state of California.
- Frisch’s Big Boy: Restaurant bosses confirmed the closure of a restaurant in Covington, Kentucky, in April.
- Outback Steakhouse: The chain will close 41 “underperforming” locations this year.
- Two dolars: Four restaurants in Ohio closed in April.
- Pepper: A restaurant in Port Arthur, Texas, has closed permanently, as has another in Irvine, California.
- Friendly: Bosses have confirmed that an establishment in Ronkonkoma, Long Island, will close.
- Pizza Hut: A restaurant in Glen Falls, New York, closed in late March, followed by four in Ohio in June and 15 in Indiana.
- Danny: Two restaurants in Boise and Nampa, Idaho, have closed.
- Carl’s Jr.: The first location in Boise, Idaho, has closed.
- In and out: A location in Oakland closed earlier this year due to crime in the area.
- cheesecake factory: The chain is expected to close a location in Memphis, Tennessee, in July.
- Applebee’s: Announced the closure of between 25 and 35 locations this year.
- Taco John’s: He closed a restaurant in Minnesota and put the building up for sale in May.
- Rubio’s Coastal Grill: Announced the closure of 48 locations in California after filing for bankruptcy.
- Burger King: It closed a California location in June after 30 years.
It was also revealed that the company has been supported by a dwindling cash supply since 2022.
Despite growing fears of bankruptcy, executives proved resilient.
Big Lots “will vigorously pursue its plans to increase its liquidity, improve business performance and avoid a breach of the agreement,” the SEC filing said.
The US Sun reached out to Big Lots for comment and has not yet received a response.
Other retailers are also struggling and being forced to close, including Winn Dixie, which has launched liquidation sales, LL Flooring, which has considered bankruptcy, and Walgreens, with plans to close thousands of locations.
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This story originally appeared on The-sun.com read the full story
