By Jorge Antonio Vazquez Buendia
09 Aug 2024, 10:45 AM EDT
Retail chain Big Lots announced it will close about 315 stores through the remainder of 2024, including eight stores in Georgia, 75 in California, 18 in Washington and 26 in Florida.
The company reported that net sales fell by more than $114.5 million in the first quarter of 2024, compared to the same period last year. It also pointed out that the decision goes hand in hand with the complicated financial situation that the country is facing.
“The U.S. economy in 2024 has continued to face macroeconomic challenges, including elevated inflation, which has negatively impacted the purchasing power of our customers,” said Bruce Thorn, CEO of Big Lots.
“In addition, there is continued decline in consumer spending, particularly on high-priced items,” Thorn said.
The company had originally announced that it would only close about 40 stores, but in its latest quarterly report, it said it would close more than 300 in 35 states, out of the 1,389 stores it has across the country.
In light of these developments, the Big Lots website is offering significant discounts on its products, up to 50%. The offers include products from all departments with significant savings.
The company has not yet announced what will happen to employees following the closure of various stores in the various states.
What it did report was that sales in the first quarter of 2024 fell by more than 10% compared to the previous year.
Big Lots Stores, Inc. is a discount retail chain headquartered in Columbus, Ohio, United States.
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