Big Lots Plans to Close 35 to 40 Stores Amid Challenging Consumer Market
Big Lots has announced its decision to close between 35 and 40 stores this year as it grapples with a struggling consumer market. In a filing to the U.S. Securities and Exchange Commission, the discount retailer revealed its plans to shutter these stores while opening only three new locations. The company reported operating 1,392 stores at the start of 2024, down from 1,425 in the first quarter of 2023.
“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,” stated Big Lots in the filing.
Factors Behind the Closures
Big Lots, like many retailers, is facing declining sales amid rising prices and decreased consumer spending. The company’s sales dropped 10.2% between the first quarters of 2023 and 2024, amounting to a loss of approximately $114.5 million. Additionally, Big Lots took on an extra $72.2 million in financial obligations, increasing the total from $501.6 million in the first quarter of 2023 to $573.8 million for the same period this year. The company also expressed “substantial doubt” about its ability to continue operations, sparking speculation about potential bankruptcy.
Which Big Lots Stores Are Closing?
The filing did not specify which locations are slated for closure. Big Lots did not immediately respond to requests for further information regarding the specific stores that will shut down.
Big Lots Locations in Arizona
Big Lots currently operates 34 stores in Arizona, with 18 of them located in the metro Phoenix area. Here are the addresses of the Arizona locations:
– Apache Junction: 10603 E. Apache Trail
– Bullhead City: 2350 Miracle Mile
– Casa Grande: 1346 E. Florence Blvd.
– Flagstaff: 1416 E. Route 66
– Gilbert: 2817 S. Market St.
– Glendale: 17510 N. 75th Ave.; 6660 W. Cactus Road
– Goodyear: 409 N. Litchfield Road
– Green Valley: 18705 S. I-19 Frontage Road
– Kingman: 3320 N. Stockton Hills Road
– Lake Havasu City: 1799 Kiowa Ave.
– Laveen: 3630 W. Baseline Rd.
– Mesa: 1110 W. Southern Ave.; 2840 E. Main St.
– Payson: 400 E. SR 260
– Peoria: 24760 N. Lake Pleasant Parkway
– Phoenix: 2020 N. 75th Ave.; 230 E. Bell Road; 2330 W. Bethany Home Road; 3543 W. Thunderbird Road; 4727 E. Bell Road; 4835 E. Ray Road
– Prescott: 1260 Gail Gardner Way
– Scottsdale: 10220 N. 90th St.
– Show Low: 4421 S. White Mountain Road
– Sierra Vista: 135 S. Highway 92
– Surprise: 14537 W. Grand Ave.
– Tempe: 940 E. Baseline Road
– Tucson: 2520 S. Harrison Road; 3900 W. Ina Road; 4525 N. Oracle Road; 7025 E. Tanque Verde Road
– Yuma: 1625 S. Fourth Ave.
Closures in Other Retail Chains
Several notable restaurant and retail chains have filed for bankruptcy since the pandemic, including Red Lobster and Bed Bath & Beyond. Additionally, other companies like Walgreens and Hooters have announced rounds of store closures.