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Big Lots plans to close up to 315 stores across the United States.
Struggling discount retailer Big Lots plans to close up to 315 stores nationwide, it said in a regulatory filing.
In addition to the closures, Big Lots detailed the terms of its updated loan that would reduce the Columbus, Ohio-based retailer’s credit line and increase interest rates on the line, according to documents filed with the Securities and Exchange Commission. The previous agreement allowed it to close up to 150 stores.
The major withdrawal comes a month after Big Lots announced plans to open three stores this year and close 35 to 40. The company added that it expects further operating losses and said it has “significant doubts” about its ability to continue operating.
Big Lots declined to comment on specific store closures but said in an email that the company continually reviews its store numbers. “While the majority of our stores are profitable, we have made the difficult decision to close underperforming stores,” a company spokesman said.
Big Lots has more than 1,300 stores across the country.
A spokesperson told FOX Business: “While the majority of our stores are profitable, we have made the difficult decision to close some underperforming stores. We believe the steps we are taking best position us for the future as we return to our roots and focus on great value and delivering undeniable value to our customers.”
The discount retailer has more than 1,300 stores nationwide.
“Big Lots will continue to offer our customers incredible value and great finds as we execute on a clear plan to build an even stronger business. These efforts include taking decisive actions to operate efficiently and continually reviewing our store footprint to best serve our customers and business,” a Big Lots spokesperson told FOX Business.
“While the majority of our stores are profitable, we have made the difficult decision to close some underperforming stores. We believe the steps we are taking best position us for the future as we return to our roots and focus on capturing great value and providing undeniable value to our customers.”
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