Which well-known retail stores have filed for bankruptcy?
Red Lobster, Walgreens, Rite Aid and many other retailers are struggling with deteriorating financial conditions.
Last month, ubiquitous discount retailer Big Lots announced it would close up to 40 stores by the end of 2024 as its financials worsen in a tough consumer market. Now that number could be closer to 315.
According to Big Lots’ website, 11 stores in Florida were initially closed. In a July 31 filing with the U.S. Securities and Exchange Commission (SEC), the discount wholesale chain approved the closure of many more stores while changing its credit terms to lower the credit limit and raise the interest rate.
Now the website says that 26 of the chain’s 106 stores in Florida are being closed, with sales already falling by up to 20%.
The Columbus Dispatch – part of the USA TODAY Network – reported that the Columbus-based retailer had 293 locations listed as “soon to close” in early August. The company’s store locator currently lists 1,389 locations across the country. That’s already down from the 1,425 locations the chain had listed in the first quarter of 2023.
“In 2024, the U.S. economy will continue to face macroeconomic challenges such as increased inflation, which has negatively impacted the purchasing power of our customers,” Big Lots said in the statement.
And that’s in a year that saw Walgreens close stores, Walmart close all 51 of its health centers, restaurant chains like Red Lobster, Tijuana Flats, TGI Fridays and Hooters announce closures, and retail stores like rue21. Express, Best Buy, Macy’s, Dollar Tree and Family Dollar all announce bankruptcies or location reductions.
Which Big Lots stores in Florida are closing?
According to Big Lots’ website, 26 stores in Florida will be closed.
- Boca Raton, 21697 State Road 7
- Bonita Springs, 25191 Chamber of Commerce Drive
- Boynton Beach, 901 N. Congress Ave.
- Bradenton, 7381 52and Place E.
- Clewiston, 328 E Sugarland Highway
- Coconut Creek, 4847 Coconut Creek Parkway
- Daytona Beach, 2400 W. International Speedway
- Destin, 34940 Emerald Coast Parkway
- Fort Myers, 15271 McGregor Blvd.
- Hallandale, 1761 E Hallandale Beach Blvd
- Hollywood, 3921 Oakwood Blvd
- Miami, 8265 W. Flagler St.
- Miami Lakes, 5580 NW 167th St
- Naples, 2882 Tamiami Trail E.
- Orange Park, 700 Blanding Blvd
- Orlando
- Plantation, 7067 W. Broward Blvd
- Pompano Beach, 1440 NE 23rd St
- Port Richey, 11854 US Highway 19
- Royal Palm Beach, 511 N. SR 7
- Sarasota, 3750 Bee Ridge Road
- Stuart, 2236 SE Federal Highway
- Tampa, 12601 Citrus Plaza Drive
- Tarpon Springs, 41306 US Highway 19 N.
Why is Big Lots closing stores?
“In 2024, the U.S. economy will continue to face macroeconomic challenges such as increased inflation, which will negatively impact the purchasing power of our customers,” Big Lots said in the filing.
According to the financial statement, revenues fell 10.2% between the first quarter of 2023 and the first quarter of 2024, representing a loss of approximately $114.5 million.
The company also stated that it had “significant doubts” about the company’s ability to continue operations, leading to speculation about a possible bankruptcy filing.
How many Big Lots are there in Florida?
There are 106 Big Lots stores in Florida.
Florida cities with the most Big Lots stores include:
- Orlando: 5
- Miami-Dade County: 4
- Saint Petersburg: 3
- Ocala: 3
- Tampa: 3
- Sarasota: 2
- Lake landscape: 2
- Pensacola: 2
- Fort Myers: 3
- Pittsburgh: 3
- Bradenton: 2
- Clear water: 2
States with more than 100 Big Lots include:
- Texas: 116
- California: 109
- Florida: 106
- Ohio: 102
USA TODAY’s James Powel contributed to this article.
