Up to 315 Big Lots locations could be affected by the closure, according to a filing with the U.S. Securities and Exchange Commission (SEC) on Friday.
The company announced in the filing that it had increased the number of permitted branch closures to a maximum of 315 following changes to a credit agreement and a term loan facility at the end of July. This represents an increase of 165 branches compared to the 150 closures previously permitted.
Why is Big Lots closing stores?
“Big Lots continues to deliver incredible value and remarkable discoveries to our customers as we execute a clear plan to strengthen our business. These efforts include taking decisive action to efficiently manage operations and continually reviewing our store space to ensure we are best positioned to serve our customers and our business,” a Big Lots spokesperson told FOX Business.
“While the majority of our stores are profitable, we have made the difficult decision to close certain underperforming stores. We are confident that the steps we have taken best position the company for the future as we return to our roots, focus on the low-cost space and provide distinctive value to our customers.”
Big Lots had indicated earlier this summer that it expected 35 to 40 store closures and three new openings this year, while also expressing “significant doubts about the company’s ability to continue operating” as its customers’ spending declined due to inflation. as previously reported by FOX Business.
Big Lots stores closing in Maryland and Virginia
Here are the Big Lots stores in Maryland and Virginia that could close.
Maryland
- 4420 Mitchell Rd., Bowie
- 6623 Governor Ritchie Hwy., Glen Burnie
- 3331 Corridor Market Square, Laurel
- 21800 N Shangri La Dr., Unit 20, Lexington Park
- 11989 Reisterstown Rd. #a, Ste A, Reisterstown
Virginia
- 590 Branchlands Blvd., Charlottesville
- 736 Warrenton Rd., Unit 102, Fredericksburg
- 2110 Wards Rd., Lynchburg
- 7743 Sudley Rd., Manassas,
- 5900 E. Virginia Beach Blvd, Norfolk
- 8533 Midlothian Tpke., North Chesterfield
- 1650 General Booth Blvd., Ste 200, Virginia Beach
- 14603 Telegraph Rd., Woodbridge
