Business & Tech
Big Lots Closing Dozens Of Stores; California Could Lose Locations
Big Lots could shutter some of its 109 California locations as it warned Tuesday that it could go out of business.
CALIFORNIA — Big Lots plans to close as many as 40 of its stores following major losses reported last month and the discount retailer warned Tuesday that it has "substantial doubts" it can continue as a functioning business.
In the Securities and Exchange Commission filing, the company also stated that there is a "significant likelihood" that it won't be able to meet the terms of a credit agreement. Big Lots last month reported a net loss of $205 million for the first quarter of fiscal 2024.
"We missed our sales goals due largely to a continued pullback in consumer spending by our core customers, particularly in high ticket discretionary items,” Big Lots President and CEO Bruce Thorn said in a statement at the time.
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In Tuesday's filing, Big Lots did not identify which of its 1,392 stores would be closed or when they would be shuttered.
Tuesday's filing comes after Big Lots last summer sold its San Bernardino County distribution center in Apple Valley as part of a $318 million sale and leaseback agreement that also included 26 stores. The company said it planned to use the proceeds of that sale to pay back debt.
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With 109 California stores, the Golden State is Big Lots' largest market, according to its website:
- Alhambra
- Anaheim (2)
- Apple Valley (2)
- Arcadia
- Atascadero
- Atwater
- Bakersfield (3)
- Beaumont
- Bellflower
- Buena Park
- Camarillo
- Canyon Country
- Ceres
- Chico
- Chino
- Clovis
- Concord
- Corona
- Culver City
- Delano
- El Cajon
- Elk Grove
- Escondido
- Fairfield
- Folsom
- Fontana
- Freedom
- Fresno (3)
- Gardena
- Gilroy
- Hanford
- Hercules
- Hesperia
- Indio
- Inglewood
- La Canada Flintridge
- La Habra
- La Mesa
- La Verne
- Lake Elsinore
- Lancaster
- Livermore
- Lodi
- Lompoc
- Long Beach
- Los Angeles
- Los Banos
- Manteca
- Merced
- Milpitas
- Mission Viejo
- Modesto (2)
- Montebello
- Murrieta
- National City
- North Highlands
- Northridge
- Oceanside
- Ontario
- Oroville
- Paradise
- Placerville
- Port Hueneme
- Rancho Santa Margarita
- Redding
- Redlands
- Redondo Beach
- Reedley
- Rialto
- Riverside (2)
- Rohnert Park
- Roseville
- Sacramento (2)
- Salinas
- San Bernardino
- San Jose
- Santa Ana
- Santa Clara
- Santa Maria
- Santa Paula
- Santa Rosa
- Simi Valley
- Sonora
- Spring Valley
- Stockton
- Temecula
- Torrance
- Tracy
- Tulare
- Turlock
- Ukiah
- Vacaville
- Ventura
- Victorville
- Visalia
- Whittier
- Woodland
- Yuba City
- Yucaipa
- Yucca Valley
Founded in 1967, the company operated in its infancy as Consolidated International and operated closeout and discount stores under a variety of names. In 2001, the various store names and company were converted to the single national Big Lots brand.
Big Lots has 35,000 employees, according to the company.
Eric Heyl contributed reporting.
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