Big Lots anticipates dozens of store closures

Big Lots executives in 2024 expect to close over 10 times as many stores as they plan to open.

A Securities and Exchange Commission filing for the business quarter ending May 4 includes a note from Big Lots leadership that “we currently expect to open 3 stores and close 35 to 40 stores” this year.

The filing did not indicate which stores could be subject to closure. There is one Big Lots store in Blount County now; it’s located at 116 S. Hall Road in Alcoa. There are also several store locations in Knoxville and 47 total throughout Tennessee, according to information on the bargain-centric store’s website.

The closure move would represent a continuation of a trend for the Ohio-based furniture company, which has contemplated bankruptcy amid financial troubles brought about by slowing sales and stock fluctuations this year.

There were 1,425 Big Lots stores open in the first quarter of 2023, per the filing. One store closed during that quarter. By the first quarter of 2024, only 1,392 were open.