Big Lots confirms three more stores are closing, launches 20% off sales – while dozens of locations are about to close – The US Sun

BIG LOTS has declared the closure of three more outlets – blaming poor sales.

Its disappearance means big discounts in stores, but customers are “sad” that dozens of other branches are about to close.

The American home discount retailer is closing three stores in Maryland, local ABC affiliate reports WMAR.

Two stores in Laurel and Southern Maryland are being closed.

And its Reisterstown branch at the Reisterstown Shopping Center is also being closed, the broadcaster said, citing Big Lots website.

Buyers are receiving a discount of “up to” 20% on products.

I’m disappointed with this. I find great things there, especially seasonal and the staff is friendly and helpful.

Upset Big Lots buyerFacebook

But the news upset loyal customers.

“This sucks,” lamented one woman on Facebook.

“That’s sad,” agreed another.

“I’m disappointed with this. I find great things there, especially seasonal, and the staff is friendly and helpful,” said one customer.

“I was at the store yesterday. Not everything is 20% off”, highlighted another.

“The food is not for sale. Many things are only 5 and 10% off. It’s sad to see large batches go.”

AXIS

The closure comes days after Big Lots admitted that 40 stores will face cuts by the end of 2024.

The retailer attributed the pending closure to falling sales.

More details were contained in its recent regulatory filing with the US Securities and Exchange Commission.

In it, Big Lots alluded to “244 underperforming stores” during the first quarter of 2024.

Therefore, it announced the imminent closure of 35 to 40 outlets.

Big Lots bankruptcy fears

Big Lots warned that it may have to to close up to 40 locations this year.

He spoke about financial difficulties in his recent regulatory filing.

“In 2024, we currently expect to open three stores and close 35 to 40 stores,” said its bosses.

But questions remain about its “current cash and liquidity projections,” he said.

There are “substantial doubts about the company’s ability to continue in business,” the document warned.

Big Lots operates more than 1,300 stores in 48 states.

It is based in Columbus, Ohio.

“The company incurred net losses and used cash in operating activities in 2022, 2023 and the first quarter of 2024,” he stated.

The retailer blamed its financial problems on “continuous [economic] factors” amid falling sales.

But there was hope of a turnaround through cost reduction and increased sales.

“The company intends to vigorously pursue its plans to increase its liquidity and improve business performance,” he said.

Big Lots hopes to save the company by profiting from some of its properties, through “outright sale or sale and leaseback opportunities.”

The company is headquartered in Columbus, Ohio.

It operates more than 1,300 Big Lots stores in 48 states.

“The company incurred net losses and used cash in operating activities in 2022, 2023 and the first quarter of 2024,” he stated.

“Due to the continued negative results [economic] factors and their uncertain impacts on the company’s business, operating results and cash flows, the company expects to suffer additional operating losses and experience difficulties.

“Management has implemented plans to reduce costs, improve sales and increase its financial flexibility and liquidity.

“The company intends to vigorously pursue its plans to increase its liquidity and improve business performance.”

Rival 99CentsOnly said it hoped that by closing dozens of stores it would keep the company afloat amid a “downturn in consumer spending.”

However, Big Lots has also confirmed that it will be opening three new locations.

“By 2024, we currently expect to open three stores and close 35 to 40 stores,” he adds.

This comes after Big Lots closed 52 stores in 2023.

Late last year, it was said that locations in New York, North Carolina and Illinois would be cut.

“We continually review our store footprint to ensure we are best positioned to successfully serve our customers and our business,” a spokesperson said.

Big Lots also said the closings were “consistent with standard retail prices.”

The retailer has been contacted for further comment.