Struggling discount retailer closes 26 stores in Florida

Photo byCanva

Have you heard the latest retail news? Big Lots is making some big changes, and unfortunately, it's hitting Florida hard. The discount retailer is closing 26 stores across the Sunshine State as part of a major restructuring effort. This decision comes amid significant financial struggles for the company, which is also shutting down 289 locations nationwide.

It’s worth noting that the original plan was to close only eleven Florida stores. But now, that number has doubled, leaving many communities scrambling for affordable deals on everything from household goods to snacks.

So, what's causing all this? Big Lots' stock has taken a nosedive, dropping from a high of $70 per share just a few years ago to a staggering $1. That's a 98.6% drop, which really paints a picture of how tough things are for the company. They've cited a mix of factors, including high inflation and reduced consumer spending, as contributors to their woes.

The company’s financial report doesn’t paint a rosy picture either. They’ve reported a $114.5 million drop in net sales compared to the same time last year and their long-term debt has soared to $573.8 million. The future? The company itself admits there’s "substantial doubt" about its ability to keep going.

For those of you shopping at Big Lots, here’s a heads-up: liquidation sales are underway at the closing stores, with discounts of up to 20%. But it’s not just the shoppers who’ll be affected. There could be job losses across the state as these stores close their doors.

The company says these closures are just part of normal retail operations as they review their store footprint. But closing 26 stores in one state does raise some eyebrows about the company’s future.

Florida's retail landscape is getting quite a shake-up. This news follows another big closure announcement from Conn's Inc., a furniture and home goods retailer, which is shutting down 20 stores in Florida as part of a broader plan to close 71 stores across 13 states.

Stay tuned for more updates on how these changes might impact local communities and shopping options. If you’ve got any thoughts or experiences with these store closures, feel free to share!