Big Lots, the everything store that offers customers a diverse product range, including furniture, home decor, electronics, seasonal items, and groceries announced it is planning on closing over 300 stores. This is a retail chain that competes with Walmart and Dollar General.

The retail company headquartered in Columbus, Ohio, consists of  over 1,400 stores in 47 states. The company was founded in 1967 by Sol Shenk under the name Consolidated International, Inc. Big Lots has evolved significantly over the years.

Per an article in the NY Post, it’s stated there may be up to 315 stores in 36 states set to close. The company is currently in danger of going bankrupt due to high inflation which is being blamed for keeping customers away. Inflation is negatively impacting the buying power of the American customers.

Big Lots first quarter sales are down 10 percent compared to last year. According to a filing the company sent to the SEC showed that their long-term debt has increased substantially by $72.2 million. This is a huge risk because Big Lots may not be able to pay their creditors back.

The retailer operates on a unique business model that focuses on purchasing overstocked and discontinued items from manufacturers at deeply discounted prices. This allows the company to pass on substantial savings to its customers. The stores are known for their “treasure hunt” shopping experience, where customers can find brand-name products at significantly reduced prices.

Big Lots offers a diverse product range that caters to various consumer needs.It is a popular destination for budget-conscious shoppers. The store is popular for its affordable furniture, including sofas, mattresses, dining sets, and bedroom furniture, often featuring prestigious collections from well-known brands.Big Lots provides many home decor items such as rugs, curtains, lamps, and wall art, all at competitive prices. The electronics section includes televisions, audio systems, and small appliances sourced from overstock or discontinued lines, ensuring significant savings.

The chain features a great selection of  seasonal merchandise, ranging from holiday decorations to gardening supplies and outdoor furniture. Furthermore, Big Lots has expanded its grocery section to offer a variety of food and beverage products, making it a convenient one-stop-shop for many.

Big Lots may close 35- 40 stores by the end of this year. CBS news has a list of over 300 stores that Big Lots plans to close. There has been no official time frame for the closing dates. 

Per a report in The Hill “based on their individual web pages, none of the Big Lots stores in Delaware, Idaho, Iowa, Mississippi, Nebraska, New Mexico, North Dakota, Oklahoma, Rhode Island, Texas, or West Virginia are set to close.