Ohio-based Big Lots to close dozens of stores, at risk of bankruptcy

COLUMBUS, Ohio ( WCMH ) — Big Lots, the discount retail chain headquartered in central Ohio, is closing dozens of stores this year amid speculation the company will file for bankruptcy.

The chain is planning to shutter 35 to 40 stores by the end of 2024, according to a filing the company submitted to the U.S. Securities and Exchange Commission. The closings come as Big Lots’ sales dropped 10.2% between the first quarters of 2023 and 2024, equating to a loss of about $114 million.

“In 2024, the U.S. economy has continued to face macroeconomic challenges include elevated inflation, which has adversely impacted the buying power of our customers,” the retailer, whose headquarters are in the 4900 block of E. Dublin Granville Road, wrote in the filing.

Big Lots also fell an additional $72.2 million into debt between the first quarters of 2023 and 2024, bringing the company’s total debt to 573.8 million. The chain said in the SEC filing that it now has “substantial doubt about the company’s ability to continue,” leading to speculation of a potential bankruptcy filing.

The retailer reported 1,392 operating stores across the nation at the start of 2024, down from 1,425 in the first quarter of 2023. The SEC filing did not disclose which stores would be among the 35 to 40 that will be closing.

Big Lots is home to dozens of stores across Ohio, including a Delaware location that was transformed last year into “Big Lots Home ,” a new brand of stores dedicated to furniture and décor. The location was one of 10 Big Lots that underwent the rebranding, including stores in Louisville and Georgetown, Kentucky.

If Big Lots does end up filing for bankruptcy, it will join a sea of other stores and restaurants that have also done so since the COVID-19 pandemic. Red Lobster is closing a chunk of Ohio locations after filing for bankruptcy in May , citing $1 billion in debt. Bed, Bath & Beyond filed for bankruptcy last year, shuttering a number of central Ohio stores .

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