© CBS News
"We currently expect to open three stores and close 35 to 40," the Columbus, Ohio-based retailer stated in a regulatory filing with the Securities and Exchange Commission. The company also said it expects further operating losses and cited "substantial doubt" about its ability to continue as a going concern.
The retailer's distress call came amid other indications that inflation-weary Americans are tightening their belts and spending less, with U.S. economic growth slowing in the first three months of 2024.
Big Lots last month reported a net loss of $205 million in the quarter ending May 4, 2024, with its president and CEO Bruce Thorn stating at the time that the company's sales had taken a hit "due largely to a continued pullback in consumer spending by our core customers, particularly in high ticket discretionary items."
The retailer's sales fell 10% to $1 billion in its first quarter, according to Big Lots, which operates more than 1,300 stores in 48 states.
Big Lots did not immediately respond to a request for comment as to the locations of stores facing closure.
Reader Comments
I’ll take what is complete & total Bull Shit for $300.00 Alex.
When you can’t peddle off shore Chinese manufactured crap or even Chinese manufactured American Flags @ Big Lots b/c the sustainability of the financial chaos is at end game.
You can’t print enough money into prosperity out of this deliberately induced Malthusian economic financial crisis while plugging the holes created during a complete internal meltdown of economy & crash of USD.
Americans are trying to survive & brace for the end of the road on a runaway train with it’s
wobbly wheels coming off headed for entropy.
Corrupt two tier justice system, ineffable illegal immigration beyond explanation, Inflation on multiple levels & fronts that has/have no limits, spending habits of a drunken sailor on a multiple ports of call liberty whore binge for years to keep his dream alive while spreading STD’s & seeds of evil like a Pez Candy dispenser.
Time to pay the boatman - Ferryman for the journey across the STYX & pay the Piper soon. 🤡💩🎪