The Ohio-based discount retail chain Big Lots announced plans to close 35 to 40 stores this year amidst financial challenges and a tough consumer market.
In a U.S. Securities and Exchange Commission filing, the retailer said it planned to close 35 to 40 stores this year and open three. The company reported 1,392 operating 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,” the filing from Big Lots said.
According to the filing, sales dropped over 10% in the first quarter of this year compared to 2023 and long-term debt increased by $72.2 million, bringing the total from $501.6 million in the first quarter of 2023 to $573.8 million for the first quarter of this year. The company also said it had "substantial doubt" about its ability to continue operation, leading to speculation of a potential bankruptcy filing.
Recently, the retailer has also faced challenges closer to Milwaukee. In 2022, Big Lots announced plans to open a store in Grafton, Wis., in late 2023. However, those plans ultimately fell through.
Big Lots has not responded to requests for comment and closing information.
Where does Big Lots have stores in Wisconsin?
According to the company website, Big Lots has 12 Wisconsin locations. It is unknown which, if any, are expected to close.
- Eau Claire: 3004 E. Hamilton Ave.
- Fond Du Lac: 616 W. Johnson St.
- Green Bay: 1507 W. Mason St.
- Janesville: 1800 Milton Ave. Suite 100
- La Crosse: 3960 Mormon Coulee Road
- Menomonee Falls: N78W14511 Appleton Ave.
- Milwaukee: 5667 S. 27th St.
- Mount Pleasant: 5415 Washington Ave.
- Neenah: 699 S. Green Bay Road
- Sheboygan: 3426 Kohler Memorial Drive
- Stevens Point: 5601 US Highway 10 East
- West Bend: 1690 S. Main St.
Most Popular
Comments / 0