TOMS RIVER, NJ – Big Lots, a discount retail chain, has announced plans to close between 35 and 40 stores this year, despite opening three new locations. This decision comes amid declining sales and rumors of potential bankruptcy.
Locally, Big Lots operates stores in Brick, Toms River, and Freehold. It has not been reported which stores will be closing at this time.
Currently operating in 48 states, Big Lots has seen a decrease in the number of its stores, from 1,427 in the first quarter of last year to 1,392 in the same period this year, as reported in a recent Securities and Exchange Commission (SEC) filing.
The retailer’s financial struggles mirror broader retail industry challenges, exacerbated by inflation and reduced consumer spending. In a statement last month, Big Lots reported a significant loss of $205 million for the first quarter of this year.
Bruce Thorn, CEO and president of Big Lots, acknowledged the challenges: “While we made substantial progress on improving our business operations in Q1, we missed our sales goals due largely to a continued pullback in consumer spending by our core customers, particularly in high ticket discretionary items.”
The SEC filing also noted ongoing economic pressures, stating, “In 2024, the U.S. economy has continued to face macroeconomic challenges including elevated inflation, which has adversely impacted the buying power of our customers.” Big Lots anticipates further sales declines in the second quarter of this year compared to the same period last year.
