BIG Lots is closing 12 stores in a single state and more closures are likely on the way, much to the dismay of its customers.
The discount retail chain has been hit hard by inflation and a subsequent lack of consumer spending.
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Big Lots is closing 12 locations in Arizona amid a lack of sales and lost revenue.
O retailer website lists 34 stores in the Grand Canyon State.
However, 12 of them include a “Closing this location” message and state that shoppers can receive up to 20% off.
Closing locations include:
In July 2024 filing with the U.S. Securities and Exchange CommissionBig Lots revealed it plans to close 35 to 40 locations in 2024 and open three.
The retail chain reported a loss of 33 stores in operation, with 1,392 locations in operation at the start of 2024 and 1,425 in the first quarter of 2023.
According to the document, sales decreased by 10.2% between the first quarters of 2023 and 2024, which represents a loss of around US$114.5 million.
“In 2024, the US economy continued to face macroeconomic challenges, including high inflation, which had a negative impact on our customers’ purchasing power,” the document states.
The company’s long-term debt also grew by $72.2 million, from $501.6 million in the first quarter of 2023 to $573.8 million in the first quarter of 2024, according to the document.
The document also states that Big Lots has “substantial doubts about the company’s ability to continue operating.”
Now there is speculation about a future Big Lots bankruptcy filing, for The Arizona Republicalthough it has not been confirmed that this will happen.
CUSTOMER REACTIONS
Big Lots customers reacted to the closures, with many expressing their disappointment.
Following news that three stores would close in California, one Facebook user wrote, “I’m going to miss this store.”
Most Large Lots Nationwide by State
States with the most Big Lots locations nationwide:
Texas – 116
California – 109
Florida – 106
Ohio – 102
New York – 64
North Carolina – 75
Pennsylvania – 73
Georgia – 51
Tennessee – 47
Michigan – 46
Indiana – 45
Virginia – 42
Kentucky – 40
South Carolina – 38
Arizona – 34
Illinois – 29
Alabama – 29
Maryland – 27
New Jersey – 27
Washington – 26
Missouri – 24
Massachusetts – 23
Oklahoma – 20
Louisiana – 19
Connecticut – 16
West Virginia – 16
Oregon – 14
Colorado – 14
Nevada – 13
Arkansas – 12
Mississippi – 12
New Mexico – 12
Wisconsin – 12
Kansas – 7
Utah – 7
Idaho – 6
New Hampshire – 6
Delaware – 5
Maine – 5
Vermont – 4
Iowa-3
Montana-3
Nebraska – 3
Minnesota – 2
Wyoming – 2
North Dakota – 1
Rhode Island – 1
South Dakota – 1
Another commented: “This is so sad.
“I could always count on my local Big Lots for Christmas decorations.”
However, some buyers were not sad about the closures.
One Facebook user said: “No sympathy.
“Opening and closing so early, something they’ve done before, means they were just looking for free rental offers whenever they reopen.”
“Another wrote: “God forbid we have something affordable for regular people who shop here.
“No wonder everyone gave up and went online.”
Customers also reacted on Facebook following news of large lot closures in Maryland.
One buyer said: “This is shit.”
Another wrote: “This is sad.”
A third commented: “I’m disappointed by this. I find great things there, especially seasonal, and the staff is friendly and helpful.”
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This story originally appeared on The-sun.com read the full story
