big lots closing stores list 2024

James Baker

2 min read

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22-11-2024

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Big Lots, a popular discount retailer, has been undergoing a strategic restructuring in recent years. This has led to a number of store closures. While Big Lots doesn't always publicly release a comprehensive list of closures, we can piece together information from various sources to get a clearer picture of which stores might be affected in 2024.

Understanding Big Lots' Store Closure Strategy

Big Lots' store closures are often part of a broader strategy to optimize its store portfolio. Factors influencing decisions include:

• Lease expirations: Stores nearing the end of their lease agreements might not be renewed if performance is underperforming.
• Financial performance: Underperforming locations consistently generating low revenue compared to operating costs are prime candidates for closure.
• Market saturation: If too many Big Lots stores are clustered in a specific geographic area, some may be closed to consolidate resources.
• Real estate market changes: Changes in the local real estate market, such as rising rents or increased competition, could also factor into decisions.

It's important to note: Big Lots doesn't typically announce store closures far in advance. Announcements usually come closer to the actual closure date. This makes compiling a definitive "closing stores list" for 2024 challenging.

How to Find Out if Your Local Big Lots is Closing

Unfortunately, there's no single, definitive list readily available. To check if your local Big Lots store is slated for closure, you can try these methods:

• Check Big Lots' Investor Relations: The company's investor relations section sometimes contains information on store closings as part of their financial reporting. Look for press releases or quarterly earnings reports.
• Visit the Big Lots Website: Check the store locator on the Big Lots website. While they won't explicitly list closing stores, if a store disappears from the locator, that's a strong indication it has closed or will be closing soon.
• Monitor Local News: Your local news outlets often report on major business closures, including retail stores.
• Contact Big Lots Directly: Call your local Big Lots store. While they may not have inside information, they are the best source for updates on the status of their specific location.

What Happens When a Big Lots Store Closes?

When a Big Lots store closes, the company typically:

• Liquidates inventory: Expect significant discounts and sales in the weeks leading up to the closure.
• Transfers employees: Big Lots often attempts to transfer employees to other locations whenever possible.
• Closes the location: The store is shut down and the lease is terminated.

Big Lots' Future Plans

While specific store closures remain uncertain for 2024, Big Lots continues to invest in its remaining stores and online presence. They are focusing on improving customer experience, enhancing their online platform, and streamlining operations. These efforts aim to improve profitability and ensure the long-term success of the business. Therefore, while some stores will undoubtedly close, the company's overall strategy focuses on maintaining a strong retail presence.

Disclaimer: This article is for informational purposes only and does not constitute financial or business advice. Always consult official sources for the most up-to-date and accurate information on Big Lots store closures.