January 1, Discount Store Closures and Financial Struggles Unveiled
Inflation is impacting discount stores, with Big Lots feeling the pressure. The company recently announced plans to close between 35 and 40 stores in 2024.
Big Lots currently operates 1,389 locations in 48 states. Texas, California, Florida, North Carolina, and New York have the most stores.
The company cited macroeconomic challenges in a recent SEC filing. “Elevated inflation has adversely impacted the buying power of our customers,” it stated.
Big Lots has already been closing stores. They shuttered around 50 stores in 2023 and more in early 2024.
Their financial struggles continue. In Q1 2024, net sales decreased by 10.2 percent, and the company reported net losses of $205 million.
CEO Bruce Thorn acknowledged the challenges. “We missed our sales goals due largely to a continued pullback in consumer spending,” he said.
However, Big Lots is not giving up. Thorn outlined five key actions for the company’s future.
He remains optimistic, stating, “While near-term conditions have been challenging, we’re not slowing down on making progress to transform our business.”
As our loyal readers, we encourage you to share your thoughts and opinions on this issue. Let your voice be heard and join the discussion below.
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Frank RUPEKA
July 12, 2024 at 7:47 pm
This must be part of the so called FAKE NEWs!!! Only True NEWS !! How Despicable Trumpy Is ??I sadly Voted for Trump, This point after last night Greatest conference ever ! by Biden own Words !!how great VICE President TRUMP is !!! Deplorable as he is ! will follow The Big Guy’s lead!! Joe says no inflation ! economy the greatest Since Hitler ? no wait, oh, oh / Me senator Biden. So apparently one of these TRUMPs are making false news again ?? Big lots by Joe’s great leadership is better than the USA has ever bin !! The world looks up to USA as the BIGEST ??? Well you know what I am trying, something ?? make us all Laugh. As the OLD SAYING GOES !! Proof is in the PUDDING !!! After all these years! I think 81 or so ?? just not exactly Shure what FLAVOR PUDDING they are referring too ? Plus who are THEY ??/ Senate ? house / Jill ?
Frank RUPEKA
July 12, 2024 at 8:14 pm
National TV Facts !!! The greatest conference since ? by President own WORDS !! No Greater Vice President than his! more than worthy to take over the Hell-m . TRUMP !! So believing the commander and CHIEF. No inflation ! economy better than some past President !!! The BIG LOT story has too be that Fake News we are told about ?? We are in good HANDS !! Does that mean we should get all state Insurance of some sort ???
Virginia
July 12, 2024 at 8:38 pm
Last night Joe said he created 20,000 new jobs and is saving our economy. How many businesses have closed? So many restaurants and retail shops have gone under? Why does anyone believe the constant lies coming out of this regime? How much more can the American people survive from the corrupt White House?
Muffin
July 13, 2024 at 1:02 pm
The Dems deserve everything BAD that their HERO JOE has created. Newsom has done even worse to California. NY…TOO! Not sure any Dem knows anything about managing a business let alone a country.
If Republicans don’t get a majority in Nov, USA will continue on it’s downward spiral.
Daryl
July 12, 2024 at 10:23 pm
I’m either in some sort of alternate reality or Biden and his leftist regime are doing the biggest “Grift” in U.S. history! They state the U.S. has the greatest economy even over past presidents way back to Reagan! Really?! Then how come every dang restaurant, fast foods, stores of every type are closing across America en-masse! Purchasing food, or any other products has doubled and in some cases tripled or more under Biden. House purchasing has become a pipe dream now for so many! I could go on with a list that could cover pages here, but I think the point has been made! Biden and his leftist administration are probably to date one the biggest liars and con artist ever known!
Po
July 12, 2024 at 10:28 pm
Well I thought the President increased jobs.Bevsyre your lies will find you out
lulu
July 13, 2024 at 5:22 pm
GOD IS BIGGER! HE IS ON THE MOVE SO PREPARE YOURSELF FOR WHAT’S COMING.