2 Eastern PA Big Lots Stores To Close Following Latest Earnings Report

PENNSYLVANIA — Following a disappointing earnings report for its latest quarter, discount retail chain Big Lots has announced closures of stores across the country, including at least two in Eastern Pennsylvania. The Columbus, Ohio-based chain currently operates 73 stores in the state.

According to the company's store locator, the suburban Philadelphia stores currently slated for closure are the following:

• 201 West Lincoln Hwy, Exton
• 713 E Baltimore Ave, Clifton Heights

About two weeks ago, in a filing with the federal Securities and Exchange Commission, Big Lots officials divulged plans to close as many as 40 of its 1,392 stores nationwide and the discount retailer warned in a regulatory report that it has "substantial doubts" it can continue as a functioning business.

It did not immediately name the locations, however the stores listed for closure have been since labeled on the chain's website. No timetable has been posted for the closures. The website indicates there are sales of up to 20 percent off at the locations expected to close.

Prior to the closure announcement, Big Lots had more than 1,400 stores nationwide.

In the SEC filing, company officials said there is a "significant likelihood" that Big Lots 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.

RELATED: Big Lots Closing Dozens Of Stores; PA Could Lose Locations

Patch Editor Chris Dehnel contributed to this report