Big Lots Closing 35-40 Stores Nationwide

Big Lots is closing stores nationwide in an attempt to stave off bankruptcy.

The company faced a tough battle to sustain its brick-and-mortar presence as inflation took a toll, as per its latest quarterly report. Sales at existing store locations declined by 10.2% compared to the previous year, while the gross margin dipped to 5.3%. They expect this trend to ease slightly in the next quarter but forecast a further decrease of over 9% in same-store sales.

Big Lots closing stores has been somewhat attributed to inflation, stating in their quarterly report, “In 2024, the U.S. economy has continued to face macroeconomic challenges, including elevated inflation, which has adversely impacted the buying power of our customers.”

Since the first quarter of 2022, the Fed has increased its interest rate in an effort to control inflation, raising it to a 23-year high. In May 2024, inflation dropped to 2.6% based on the scale used by the Fed. The Consumer Price Index for May remained unchanged from April, but in June, it showed an improvement of 0.10% compared to the previous month.

The chain is closing stores nationwide, but it will not be closing any of its 12 stores in Mississippi, confirms a company source. The company has announced the closure of a unit in Troy, Alabama, and two locations in Louisiana, specifically Lafayette and Natchitoches. The company is closing stores nationwide, but it will not be closing any of its 12 stores in Mississippi, confirms a company source.

Big Lots is closing some stores

Big Lots began in 1967 when Sol Shenk founded Consolidated International, Inc., which later evolved into the company known as Big Lots. According to the company’s website, Consolidated launched the Odd Lots/Big Lots closeout chain in 1982. The chain expanded over the years to include stores operating under the names Big Lots, Odd Lots, Mac Frugal’s Bargains & Closeouts, and Pic ‘N’ Save. In 2001, all operations were combined into one entity called Big Lots. The company states that its core purpose is to help people save money on a wide variety of products.