the staff of the Ridgewood blog
Paramus NJ, Big Lots, the big-box discount retailer, has announced plans to close up to 315 additional stores, marking a significant expansion of its previously reported store closures. Just last month, the company revealed plans to shutter 35-40 stores by the end of the year. However, a recent filing with the Securities and Exchange Commission (SEC) indicates that the number has drastically increased.
The SEC filing sheds light on the financial challenges Big Lots is facing, including declining revenue driven by a drop in net sales. The company has seen prolonged sales declines in its home furnishings division, as well as in the sales of consumables, food, and seasonal items.
Consumer spending has pulled back sharply amid rising inflation, a trend that hit Big Lots particularly hard in the first quarter of 2024. Sales during this period fell by 10%, exacerbating the company’s financial woes and casting a shadow over its expectations for the rest of the year.
Big Lots currently operates over 1,389 stores across the United States, according to its website. The planned closures will impact stores across the country, including six in Pennsylvania, 10 in New York, and one more in New Jersey.
As Big Lots continues to navigate these financial difficulties, the closure of these hundreds of stores will mark a significant contraction for the company, reflecting broader challenges facing the retail sector amid economic uncertainty.
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