Big Lots is set to close up to 40 stores as future of retailer is in doubt
The IndependentThe latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Discount retailer Big Lots is set to close between 35 and 40 stores this year, it announced in an SEC filing last month, the latest sign of the tough post-pandemic retail environment. In the first quarter of 2024, Big Lots reported a 10.2 percent decrease in sales over the same period last year. “While we made substantial progress on improving our business operations in Q1, we missed our sales goals due largely to a continued pullback in consumer spending by our core customers, particularly in high ticket discretionary items,” CEO Bruce Thorn said in June. “While inflation is moderating, prices for necessities like housing, food, and gasoline remain elevated and continue to pressure the low- to moderate-income customers’ discretionary spend,” Ross Stores chief financial officer Adam Orvos said on an earnings call earlier this year.
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