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August 5, 2024

Big Lots to close more than half of its CT stores

Wikimedia Commons A Big Lots store in North Carolina.
By Andrew Larson

Big Lots, an Ohio-based discount retailer, announced in a U.S. Securities and Exchange Commission filing that it plans to close 35 to 40 stores during 2024 as it faces severe financial strain.

In Connecticut, the company plans to close nine of its 16 stores. The locations slated for closure are:

  • 1470 Pleasant Valley Road, Manchester
  • 56 Turnpike Square, Milford
  • 40 Boston Post Road, Waterford
  • 650 Wolcott St., Waterbury
  • 3105 Berlin Turnpike, Newington
  • 1931 East Main St., Torrington
  • 560 Windsor Ave., Windsor
  • 169 Danbury Road, New Milford
  • 42 Town St., Suite 1200, Norwich

The closing dates were not announced.

At the end 2023, Big Lots had 1,427 stores and, by the end of 2024, it expects to have 1,427 stores.

According to the 10-Q filing, Big Lots reported a net loss of $205 million during the first quarter of 2024. The company had $1.01 billion in sales during the first quarter, down $114.5 million from the fourth quarter of 2023.

The company said there is a “significant likelihood” that it will be unable to comply with a 2022 credit agreement and loan facility, which “raises substantial doubt about the company’s ability to continue as a going concern,” according to the filing.

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