Big Lots: Rising inflation forcing retailer to close dozens of stores
Big Lots plans to close 35-40 stores this year, highlighting economic challenges facing large retailers. The closures include four stores in Michigan.
Big Lots is making waves with the announcement that it will close nearly 50 more stores nationwide in October, including several in California.
The retailer filed for Chapter 11 bankruptcy protection earlier this year and has since announced several waves of closures. According to a bankruptcy court filing submitted at the end of September, the retailer is closing 49 more locations across the country, in October on top of the nearly 300 closures announced in August.
Of those, 10 Big Lots locations are on the list for closures in California.
What new Big Lots locations in California are closing?
According to the full list, on USA Today, here are the 10 new stores closing in California:
- 1625 E Valley Pkwy, Escondido, CA 92027
- 299 Borchard Dr, Ventura, CA 93003
- 1445 N Montebello Blvd, Montebello, CA 90640
- 150 South 11th Ave, Hanford, CA 93230
- 610 Las Tunas Dr, Arcadia, CA 06512
- 1141 Sanguinetti Rd, Sonora, CA 95370
- 2243 Foothill Blvd, La Canada Flintridge, CA 91011
- 3003 W Manchester Blvd, Inglewood, CA 35235
- 10251 Fairway Dr, Roseville, CA 95678
- 32241 Mission Trl, Unit C, Lake Elsinore, CA 92530
Why is Big Lots closing?
Like many others, the retailer has grappled with declining sales amid rising prices and a downturn in consumer spending. According to the financial disclosure, sales dropped 10.2% between the first quarters of 2023 and 2024, equating to a loss of about $114.5 million.
The company also took on an additional $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 operating, leading to speculation of a potential bankruptcy filing.
Are Big Lots doing a going-out-of-business sale?
Yes, many of the locations above are having going-out-of-business sales. Some of the sales are 60% to 70% off. Check the websites for the latest offers.