Discount Retailer Plans To Close Up To 315 Stores
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Big Lots is planning on closing up to 315 stores across the United States.
Big Lots plans to close as many as 315 stores nationwide, the embattled discount retailer disclosed in a regulatory filing.
In addition to the closures, Big Lots detailed updated loan terms that reduce the Columbus, Ohio-based retailer’s credit limit and hike the line’s interest rate, according to the document submitted to the Securities and Exchange Commission. An earlier agreement allowed for as many as 150 store closings.
The expanded retreat comes a month after Big Lots announced plans to open three stores and close 35 to 40 this year, adding that it expected further operating losses and citing “substantial doubt” about its ability to continue.
Big Lots declined to comment on specific store closures, but said in an email that the chain reviews its store footprint on an ongoing basis. “While the majority of our stores are profitable, we have made the difficult decision to close certain underperforming stores,” a company spokesperson said.
Big Lots has over 1,300 locations nationwide.
A Spokesperson told FOX Business, “While the majority of our stores are profitable, we have made the difficult decision to close certain underperforming stores. We are confident that the steps we are taking will best position the company for the future as we return to our roots, focus on owning the bargain space, and deliver unmistakable value to our customers.”
There are over 1,300 locations of the discount retailer nationwide.
“Big Lots continues to provide incredible value and remarkable discoveries for our customers as we execute a clear plan to build a stronger business. These efforts include taking decisive actions to operate efficiently and reviewing our store footprint on an ongoing basis to make sure we’re best positioned to serve our customers and our business,” a Big Lots spokesperson told FOX Business.
“While the majority of our stores are profitable, we have made the difficult decision to close certain underperforming stores. We are confident that the steps we are taking will best position the company for the future as we return to our roots, focus on owning the bargain space, and deliver unmistakable value to our customers.”
