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Big Lots Closing Dozens Of Stores; GA Could Lose Locations
Big Lots Closing Dozens Of Stores; GA Could Lose Locations
Big Lots Closing Dozens Of Stores; GA Could Lose Locations

Published on: 07/10/2024

Description

Discount retailer Big Lots plans to close as many as 40 of its 1,392 stores nationwide.
Discount retailer Big Lots plans to close as many as 40 of its 1,392 stores nationwide. (Scott Anderson/Patch)

GEORGIA — Discount retailer Big Lots plans to close as many as 40 of its 1,392 stores nationwide and warned in a regulatory filing that it has "substantial doubts" it can continue as a functioning business.

In a Tuesday filing with the federal Securities and Exchange Commission, the Ohio-based company also stated that there is a "significant likelihood" that it will not be able to meet the terms of a credit agreement. Big Lots during last month reported a net loss of $205 million for the first quarter of fiscal 2024.

"We missed our sales goals due largely to a continued pullback in consumer spending by our core customers, particularly in high ticket discretionary items,” Big Lots President and CEO Bruce Thorn said in a statement at the time.

In Tuesday's filing, Big Lots did not identify the stores to be closed or when they will be shuttered. The chain has 51 Georgia locations.

Founded in 1967, the company operated in its infancy as Consolidated International and operated closeout and discount stores under a variety of names. In 2001, the various store names and company were converted to the single national Big Lots brand.

Big Lots employs 35,000 staff members, according to its website.

In Georgia, the retail giant has locations in:

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News Source : https://patch.com/georgia/across-ga/big-lots-closing-dozens-stores-ga-could-lose-locations

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