Big Lots Closing Hundreds of Stores, Many in California

Last week, it was revealed that Big Lots (Columbus, Ohio) was planning to close roughly 149 stores across 28 states, according to a filing the company made with the U.S. Securities and Exchange Commission. In the filing, it outlined its plans to close at least 35-40 stores by the end of 2024.

The retailer is now planning to close more than 50 stores in California alone, reports CBS Los Angeles.

“In 2024, the U.S. economy has continued to face macroeconomic challenges [that] include elevated inflation, which has adversely impacted the buying power of our customers,” the company stated in the filing. The retailer also says it has “substantial doubt about the company’s ability to continue.”

The company’s debt is now reportedly $573.8 million. The retailer operated 1392 stores at the beginning of 2024, which was down from 1425 locations during the first quarter of 2023, NBC4 reports.