Big Lots store in Atascadero to close — and it’s offering discounts

A large, yellow sign outside of the Big Lots bargain store in Atascadero says the store will be closing soon.

While the banner claims that the SLO County store is the only location closing its doors, the announcement comes amid a string of other closures for the company.

The discounter said it plans to close between 35 and 40 stores in 2024, while opening three new stores, according to a regulatory filing with the Securities and Exchange Commission.

Despite Big Lots’ steep discounts on everything from food to furniture, inflation has hit its customers’ buying power hard, it said.

When reached by The Tribune, the manager of the Atascadero Big Lots declined to comment on when the store would be closing. A flyer posted on social media advertises storewide discounts of up to 20%, with some exceptions.

The company lost money in 2022 and 2023, and reported a $205 million loss in the first quarter of this year. It has hundreds of millions in debt.

It may not be able to make all its loan payments, “which raises substantial doubt about our ability to continue,” Big Lots said in the SEC filing.

The overall economic environment is hurting the segment of people who shop at Big Lots, said president and CEO Bruce Thorn in a first-quarter earnings news release in June.

“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.”

In addition to everyday decor and food items, Big Lots also sells sofa sets, recliners, mattresses and patio furniture — higher-priced items that are still discounted compared to other stores.