Big Lots is closing stores in 2023 — see the full list (2024)

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Is Big Lots going out of business in 2024? ›

Published: Sep. 10, 2024, 9:05 a.m.

As part of the bankruptcy and restructuring, 295 stores have already begun to shut down in what the company says is “optimizing our store footprint.” The company also says approximately 250 more locations will be completely closed no later than Jan. 15, 2025.

Discount home goods retailer Big Lots Inc. filed for Chapter 11 bankruptcy protection on Sept. 9, 2024, indicating it plans to close nearly 300 stores and continue operating.

As of Monday, a Nexstar analysis continued to show that there are no stores currently set to close in Delaware, Idaho, Iowa, Mississippi, Nebraska, New Mexico, North Dakota, Oklahoma, Rhode Island, Texas or West Virginia.

Big Lots announced last week that it was filing for Chapter 11 bankruptcy. The filing will help facilitate a sale of the company to Nexus Capital Management LP, pursuant to which Nexus has agreed to acquire substantially all of Big Lots' assets and ongoing business operations.

While company ownership remains the same, Big Lots is in the process of converting its array of store names to one national brand. Big Lots currently operates 131 Pic 'N' Save stores that will be converted to the Big Lots brand.

But Big Lots has grappled with declining sales amid rising prices and a downturn in consumer spending, like many other companies. The retailer shuttered 52 stores across the U.S. in 2023. It currently operates 1,392 stores in 48 states.

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How does Big Lots get their inventory? ›

Big Lots has long sourced from closeout situations such as production overruns, packaging changes, discontinued products, order cancelations, liquidations, returns and other disruptions in the supply chains of others. Now, the retailer is looking to make that inventory an even larger part of its path forward.

“Big Lots remains in a precarious financial position as it is still making huge losses and is burning through cash.” Still, the company's ability to deliver on its turnaround initiatives will likely determine its future, Neil Saunders, managing director of GlobalData, said in emailed comments to Retail Dive.

Big Lots is closing more than 300 locations across the United States, or roughly a quarter of its stores, following an earlier warning that its future was in “substantial doubt” amid ongoing financial troubles.

Big Lots has 151.61% upside potential, based on the analysts' average price target. Is BIG a Buy, Sell or Hold? Big Lots has a consensus rating of Moderate Sell which is based on 0 buy ratings, 2 hold ratings and 1 sell ratings.

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Discount store giant Big Lots has announced plans to close up to 315 stores nationwide as financial issues put pressure on the embattled retailer's future.