Big Lots Closing Dozens Of Stores, Illinois Could Lose Locations

CHICAGO — Retailer Big Lots plans to close as many as 40 of its 1,392 stores nationwide and the discount retailer warned in a regulatory filing that it has "substantial doubts" it can continue as a functioning business.

In a Tuesday filing with the federal Securities and Exchange Commission, the Columbus, Ohio-based company also stated that there is a "significant likelihood" that it won't be able to meet the terms of a credit agreement.

"Our net losses and use of cash in operating activities in 2022, 2023 and the first quarter of 2024, as well as our current cash and liquidity projections, raise substantial doubt about our ability to continue as a going concern," the filing said.

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.

In its filing Tuesday, Big Lots did not identify the stores to be closed or when they will be shuttered.

According to its website, the chain has 28 Illinois locations:

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. According to its website, Big Lots currently has 35,000 employees.