Big Lots Announces Major Closures: 289 Stores Nationwide and 10 in New York State!
Big Lots, a well-known retail company, has confirmed a significant number of store closures nationwide. This comes after an earlier announcement in July, where the company revealed its plans to close 35 to 40 stores by the end of 2024. However, recent developments indicate that the number of closures will be much higher than initially anticipated.
In July, Big Lots disclosed in a filing to the U.S. Securities and Exchange Commission that they would be shutting down several stores due to ongoing economic challenges. These challenges, including high inflation, have negatively affected the purchasing power of their customers.
The company’s official statement noted, “The U.S. economy has continued to face macroeconomic challenges including elevated inflation, which has adversely impacted the buying power of our customers. We currently expect to open 3 stores and close 35 to 40 stores.”
At the time of the initial announcement, only three stores in New York State were set to close. However, as the economic situation worsened, Big Lots revised its plans. According to a new report, the company now plans to close 289 locations nationwide, including at least 10 stores in New York State. This will bring the total number of Big Lots stores in New York from 64 down to 54.
This news comes as a disappointment to many loyal customers who have relied on Big Lots for affordable products. The company has been a staple in many communities, offering a wide range of household items, furniture, and groceries at discounted prices. However, the economic pressures have forced the company to make tough decisions to stay afloat.
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Despite the closures, Big Lots plans to open three new stores. However, the specifics of where these new stores will be located have not been disclosed. The company’s focus now seems to be on optimizing its store locations to better align with current market conditions.