Big Lots is one of my favorite trash warehouses but I have to admit it's been a while since I needed an 8 gallon stock pot, AA batteries with "NOT FOR RETAIL SALE" printed on the boxes or a bundle of unpleasantly-smooth polyester towels. The retailer is in big trouble and will close hundreds of stores.
The discount retailer previously said it planned to close as many as 40 stores during its most recent earnings report in June, when it recorded a 10% decrease in sales and a $205 million loss for the quarter because customers are cutting back on spending. In a recent regulatory filing, Big Lots said it would increase the number of closures to 315 stores, part of an updated loan agreement to secure its finances.
Squeezed by the dollar stores from below and price-cutting Target from above. There's no official list of exactly which stores, but a list of closing sales covers hundreds of its 1,389 locations. Time to stock up on stock pots!
