Large prizes can now close 315 "sub-performant" stores in the United States.
The retailer had previously announced his intention to close up to 40 stores.
The retailer excluding Big Lots has been making the headlines for some time now - and the news has not necessarily been positive. In June, the retailer announced plans to close Between 35 and 40 stores in 2024, citing a "substantial doubt" on its ability to continue. Now the situation seems even more disastrous. In a recent deposit With the Securities and Exchange Commission (SEC) of the United States, large lots have increased the number of potential closures to 315 stores.
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The retailer currently operates 1,389 stores in 48 states (excluding Hawaii and Alaska), with the largest presence in Texas (116 stores), Florida (106 stores), California (109 stores) and in Ohio (102 stores). Although the deposit of the sec of July 31 did not name the closing stores, they were identified on large lots' Store location page . Stores on the cutting block have banners that read "close this location", also advertising up to 20% savings, with "limited exceptions".
According to the website, the majority of states lose at least one big lots store. However, Idaho has been spared, because the six stores will remain open yet. The three Iowa stores will remain open, as are the 12 Big Lots stores in Mississippi. Nebraska, New Mexico, Northern Dakota, Oklahoma, Rhode Island, Texas and Virginia-Western were also spared during this series of closures. If you want to check a specific location, visit the retailers' location page and search for this banner "close this location" in Orange.
"Although the majority of our stores are profitable, we have made the decision difficult to close certain Sub-performing stores "A spokesperson for Big Lots told Retail Dive." We are convinced that the steps we take will be at best to position the company for the future when we return to our roots, focus on the possession of the good business space and offer undoubted value to our customers. ""
The spokesperson has not confirmed how many stores will be closed in total, but noted that the employees affected by the closures can request a transfer to another Big Lots store. They also told Retail Dive that the starting license would be offered to those who cannot transfer.
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Big Lots declared a drop in sales, with net sales down 10.2. Percentage ($ 114.5 million) in the first quarter of 2024. The company cited " net losses And the use of cash in operating expenses "in 2022, 2023, and this year, as well as current projections, because the reasons may not remain afloat. AE0FCC31AE342FD3A1346EBB1F342FCB
In a June 6 press release Describing the results of the first financial quarter, CEO of Big Lots Bruce Thorn Start the financial difficulties of the retailer.
"Although we have made substantial progress on improving our commercial operations in the first quarter, we missed our sales objectives mainly due to a continuous decline in consumption expenditure by our main customers, especially in the items High ticket discretions, "said Thorn.
In addition to closing stores, Big Lots takes other initiatives to improve performance, motivated by its "five key actions" to have good deals, to communicate an undoubted value, to increase the relevance of stores, win customers For life with our omnichannel efforts, and to stimulate productivity.
In this spirit, Thorn expressed optimism in the future.
"We still have a lot of work in front of us, but we are convinced that the five key actions put us on the right track to overthrow our business," the CEO said in the June press release.
Better life Contacted Big Lots to comment on the latest series of closures and update history when we hear.
