Big Lots in Okemos to close; company under financial stress

MERIDIAN TWP. — Big Lots is closing four stores in Michigan, including its Okemos location, the company said as it struggles with reduced revenue.

In a Securities and Exchange Commission filing , the company said it plans to close 35 to 40 stores nationwide while opening three new outlets. The company said it expects to have 1,392 stores at the end of 2024, down from 1,427 at the close of 2023.

"Our home products categories, which include Furniture, Seasonal, Soft Home, and Hard Home, continue to be negatively impacted by macro-economic pressures affecting our customers’ discretionary spending in the first quarter of 2024," the Columbus, Ohio-based company said in the filing. "The Company has incurred net losses and used cash in operating activities in 2022, 2023, and the first quarter of 2024."

In addition to the Okemos location, 2020 E. Grand River Ave., the company is closing stores in Kentwood, Portage and Ypsilanti. The date of the closures was not announced.

The Big Lots outlet at 5625 W. Saginaw Hwy. was not among those listed as closing.

Big Lots in June reported a net loss of $205 million for the first quarter of fiscal 2024 that ended May 4 and a net after-tax loss of $72.7 million. Net sales for the first quarter of fiscal 2024 totaled $1.009 billion, a 10.2% decrease compared to $1.124 billion for the same period last year.

According to an overview in the SEC filing comparing the first quarter of 2023, the company also saw a 12.7% decrease in inventory, and a $108 million or 9.9% decrease in comparable sales for stores open at least 15 months, and e-commerce net sales.

Contact Sarah Moore at smoore@lsj.com

This article originally appeared on Lansing State Journal: Big Lots in Okemos to close; company under financial stress