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Big Lots is closing hundreds of stores after warning it could go out of business (www.cnn.com)

submitted 3 months ago by MicroWave to c/economics

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Big Lots is closing more than 300 locations across the United States, or roughly a quarter of its stores, following an earlier warning that its future was in “substantial doubt” amid ongoing financial troubles.

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.

A specific list wasn’t revealed, but Big Lots is listing closing sales at hundreds of its 1,389 stores on its website.

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[–] [email protected] 6 points 3 months ago

Last time I shopped at a big lots, the product quality was that of a dollar store or worse. The hose I purchased is the worst hose I have ever owned and the other items I purchased recently broke. I haven’t been back since because the value that they used to provide just isn’t there anymore. Big Lots used to be the place to go for cheap but still decent quality. Now it is just trash.

[–] 432 1 points 3 months ago

I love Big Lots. I'll pray for them tonight.