The big box retailer Big Lots is slated to close many more stores across the U.S. than initially anticipated.
In a filing last month with the Securities and Exchange Commission, Big Lots said it was planning to close 35 to 40 stores by the end of the year. However, in a more recent SEC filing, the company increased the number of potential closings to 315 in order to "aggressively address underperforming stores."
"The U.S. economy has continued to face macroeconomic challenges including elevated inflation, which has adversely impacted the buying power of our customers," Big Lots said in an SEC filing.
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The announcement comes amid falling sales. Big Lots said its net sales decreased $114.5 million, or 10.2%, in the first quarter of 2024 compared to the first quarter of 2023.
Meanwhile, its long-term debt increased by $72.2 million from $501.6 million since the first quarter of 2023.
This comes as Big Lots reduced its footprint in fiscal year 2023 from 1,425 locations to 1,392. Of the 1,392 stores Big Lots operates, the company considers 244 of them "underperforming."
The retailer has not released a list of stores it is planning on closing.
