COLUMBUS, Ohio (WCMH) -- Big Lots, the discount retail chain headquartered in central Ohio, has identified nearly 150 stores that are closing this year amid speculation the company will file for bankruptcy.
The chain shared plans in June to shutter 35 to 40 stores by the end of 2024, a filing the company submitted to the U.S. Securities and Exchange Commission revealed. The closings are coming as Big Lots' sales dropped 10.2% between the first quarters of 2023 and 2024, equating to a loss of about $114 million.
"In 2024, the U.S. economy has continued to face macroeconomic challenges including elevated inflation, which has adversely impacted the buying power of our customers," the retailer, whose headquarters are in the 4900 block of East Dublin Granville Road, wrote.
Since the SEC filing, the number of planned closures has expanded with 149 locations posting banners on their websites that read "closing this location," while alerting customers they could "save up to 20% off." Among those are 60 stores in California and 89 locations across 27 other states, according to NBC4's parent media group, Nexstar.
Thirteen locations are shuttering in Arizona, 11 in Florida, two in Indiana, four in Michigan, three in New York, two in Pennsylvania, 12 in Washington and five in Wisconsin. Big Lots reported 1,392 operating stores across the nation at the start of 2024, down from 1,425 in the first quarter of 2023.
The retailer has more than 100 locations in Ohio, none of which are marked online as closing. Other stores in states like Arkansas, Iowa, Kentucky, Maine, Nevada, New Jersey, North Dakota, Tennessee, Texas and more have also not been identified as shuttering.
Big Lots fell an additional $72.2 million into debt between the first quarters of 2023 and 2024, bringing the company's total debt to $573.8 million. The chain said in the SEC filing that it now has "substantial doubt about the company's ability to continue," leading to speculation of a potential bankruptcy filing.
If Big Lots does end up filing for bankruptcy, it will join a sea of other stores and restaurants that have also done so since the COVID-19 pandemic. Red Lobster is closing a chunk of Ohio locations after filing for bankruptcy in May, citing $1 billion in debt. Bed, Bath & Beyond filed for bankruptcy last year, shuttering a number of central Ohio stores.
Big Lots' Ohio stores include a Delaware location that was transformed last year into "Big Lots Home," a new brand of stores dedicated to furniture and décor. The location was one of 10 Big Lots that underwent the rebranding, including stores in Louisville and Georgetown, Kentucky.
