OAN Staff Avril Elfi
Wednesday, August 7, 2024 2:12 PM
Big Lots plans to close 315 stores, according to a filing with the Securities and Exchange Commission.
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In addition to the store closures, the filing on Wednesday detailed revised lending terms for the struggling retailer, including lowering store credit limits and raising interest rates. The original agreement allowed for the closure of up to 150 stores.
The company announced in a separate SEC filing in early July that it would close “35 to 40 stores” by the end of the year.
“In 2024, the U.S. economy will continue to face macroeconomic challenges, including rising inflation, which will negatively impact our customers’ purchasing power,” Big Lots said in the filing.
The company said its sales for the first quarter of fiscal 2024, which ended in May, fell more than 10% compared to the same period last year.
Columbus Dispatch The company reported that 293 stores were marked as “closing soon” as of Friday. The company did not immediately respond to a request Tuesday for a list of the closing stores and comment.
Chain Store Age, a retail news site, reported that 75 of Big Lots’ 109 stores in California are expected to close as early as Monday, making the state the one with the most Big Lots store closures of any store.
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