Big Lots With NJ & PA Locations Closing Stores & May Go Bankrupt

Bad news for another major retail chain. It may be going under.

Big Lots is in financial trouble

The New York Post is reporting that Big Lots is in financial trouble.

News like this is becoming all too common these days with other chains like Walgreens and Red Lobster struggling as well.

If you're not familiar with Big Lots, it's a discount store with over 1,000 locations across the country. You can get just about anything there...furniture, mattresses, stuff for your patio & garden, clothes, shoes, sports stuff, home goods, toys, pet stuff, and more.

Big Lots has 27 locations in New Jersey

It's scattered all over our area with 27 locations in New Jersey including Hamilton, Cherry Hill, Lumberton, Freehold, East Brunswick, and more.

Big Lots has 73 locations in Pennsylvania

There are 73 locations in Pennsylvania including Fairless Hills, Phoenixville, and Philadelphia.

The company has felt the effects of inflation. This "elevated inflation," as the chain is calling it is crippling many Americans and as a result, they're not shopping as much, which leads to lower profits.

Big Lots plans to close up to 40 stores in 2024

Big Lots was forced to close 52 stores last year (2023) and is now saying they plan to close another 35 to 40 this year (2024).

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No word on which locations will be shutting the doors for good.

Sales have gone down about 10%...the loss is about $114 million. Ouch.

It's so hard to see all of these popular and beloved businesses suffering. When businesses close that means all of its workers are suddenly out of work. They have bills to pay, so then their families struggle. It's a vicious cycle.

I'm sure I'm not the only one who is frustrated that my dollar isn't going farther these days.

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Something has to change, and fast.