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January 1, Discount Store Closures and Financial Struggles Unveiled

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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.”

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3 Comments

3 Comments

  1. 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 ???

  2. 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.

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