Big Lots Shutting 315 Stores, Are Job Losses Coming?

Big Lots is poised to shut down up to 315 of its stores across multiple states as it faces severe financial challenges.

The discount retailer has identified numerous locations for closure in states such as Connecticut, Massachusetts, Michigan, New Hampshire, and Vermont. Although the company, headquartered in Columbus, Ohio, has not disclosed a comprehensive list of the stores closing, this move will reduce its total store count by a quarter from 1,392.

Stores that are closing feature a “closing this location” banner on Big Lots’ website, accompanied by a 20 percent discount offer. This decision reflects a broader trend, with nearly 8,000 retail locations expected to close in the U.S. by the end of 2024. Notable closures this year include 150 Macy’s stores, 1,000 Dollar Tree locations, and nearly 800 Rite Aid drugstores.

The store closures come as Big Lots has struggled with declining revenue, experiencing a substantial loss of $132 million in the first quarter of 2024 alone. In addition to the 40 store closures announced in June, the company’s latest move was detailed in a recent filing with the U.S. Securities and Exchange Commission. Originally, Big Lots had planned to close up to 150 underperforming stores but is now shutting down even more in an effort to cut costs amid decreasing sales and increasing expenses.

This wave of closures is also expected to result in significant job losses. Employees at the affected stores will face layoffs as the company works to reduce its operational costs. The job cuts add to the growing concerns surrounding the so-called ‘retail apocalypse,’ which is impacting many retailers as they struggle with shrinking consumer spending and tighter profit margins.