Big Lots, a chain of discount retail stores, is slated to close 35-40 stores this year with bankruptcy looming. Representatives have cited “elevated inflation” and decreased consumer spending in the decision.
The chain joins others including Red Lobster , which declared bankruptcy earlier this year, Rite Aid, Bed Bath & Beyond and more in its struggle to stay afloat financially.
“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,” a financial disclosure from Big Lots states.
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Big Lots closures North Carolina
Though there are over 60 Big Lots locations in North Carolina, fans of the chain may be relieved to know that only one location is closing - a Durham location at 2000 Avondale Drive. The store will be running sales until closure. Closing date has not yet been announced.
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What Big Lots stores are closing in South Carolina?
Our South Carolinian neighbors have fewer locations than N.C., with nearly 40 stores . However, three of these locations are slated to close. The closing stores include:
- Aiken - 1016 Pine Log Road
- Chester - 1841 J A Cochran Bypass
- Newberry - 1937 Wilson Road
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Bankruptcy surge
June brought the highest level of bankruptcies since the COVID-19 pandemic in early 2020 according to reporting from the Statesman Journal. In the same article, Wall Street firm S&P Global said that this year's bankruptcies have totaled 346, “higher than any comparable figure in the prior 13 years."
From March 2022 to July 2023, the Fed hiked its key interest rate from near zero to a range of 5.25% to 5% — a 23-year high — in an effort to tame a pandemic-induced inflation spike.
Recent reports underscore that inflation eased notably in May, with a key measure the Fed follows closely at 2.6%. That’s above the Fed’s 2% goal but the lowest since March 2021 and down from a peak of 5.6% in mid-2022.
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Iris Seaton is the trending news reporter for the Asheville Citizen Times, part of the USA TODAY Network. Reach her at iseaton@citizentimes.com.
This article originally appeared on Asheville Citizen Times: 3 South Carolina stores to close as Big Lots closes 35-40 sites nationwide: What to know
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