Big Lots Closing Dozens of Stores; MD Could Lose Locations

Big Lots is set to shut down up to 40 of its 1,392 stores across the country, which might include several locations in Maryland. The Ohio-based retailer has raised concerns about its future stability in a recent Securities and Exchange Commission (SEC) filing. The company has reported a substantial net loss of $205 million for the first quarter of fiscal 2024.

Photo byÁine Cain / Business Insider

Impact on Maryland

The retailer currently operates 27 stores in Maryland. Although the specific stores to be closed , these potential closures could significantly impact local communities. Reduced consumer spending, particularly on high-value discretionary items, has been cited as a reason for the store closures.

The closure of these stores is expected to result in job losses, affecting around 35,000 employees nationwide. This job reduction could heighten economic difficulties in the affected areas, reducing local employment opportunities and diminishing consumer spending.

Big Lots Closures

• Big Lots, a discount retail chain, will close three Maryland stores following substantial financial losses.
• The stores set for closure are located in:
• • Laurel: 3331 Corridor Marketplace
  • Lexington Park: 21800 N. Shangri La Drive, Unit 20
  • Reisterstown: 11989 Reisterstown Road, Ste. A

Financial Struggles

• The closures are due to a significant downturn in sales and potential credit issues.
• Big Lots experienced a 10.2% drop in sales between the first quarters of 2023 and 2024, amounting to a loss of approximately $114.5 million.
• The company reported a net loss of $205 million for the first quarter of fiscal year 2024.

Customers can still shop at the remaining Maryland locations, but the overall future of Big Lots remains uncertain. The company is focused on stabilizing its operations and ensuring financial health amidst ongoing challenges.