Discount retailer Big Lots will close about 149 stores in 28 states, according to multiple reports, including its store in Clifton Heights, writes Katherine Rodriguez for NJ.com.
The chain announced the closures about one month after it notified the Securities and Exchange Commission it would close 35-40 stores this year.
Company leaders cited “inflation” and difficulties in keeping up with competitors as reasons for the closures.
“While we made substantial progress on improving our business operations in Q1, we missed our sales goals due largely to a continued pullback in consumer spending by our core customers, particularly in high ticket discretionary items,” President and CEO Bruce Thorn announced in June.
Individual stores have already marked going out-of-business sales on their website.
Big Lots reported 1,392 operating stores at the start of 2024, down from 1,425 in the first quarter of 2023, according to USA Today.
Sales dropped 10.2 percent between the first quarter of 2023 and 2024, a loss of about $114.5 million, according to the financial disclosure.
The company also said it had “substantial doubt” about continuing to operate, leading to speculation of a potential bankruptcy filing.
Read more about the Big Lots store closings in NJ.com.
Read more about other retail chains that have filed for bankruptcy in USA Today.
