In today’s economic climate, many of us are shopping at discount stores more than ever. But consumers aren’t the only ones at war with inflation; bargain retailers are struggling to stay afloat as well.
Dollar Tree recently announced it would be downsizing, and consequently, closing and/or rebranding some of its Family Dollar locations. Meanwhile, Big Lots has been steadily terminating many of its locations across the U.S. for nearly a year now.
RELATED: 11 Secrets Big Lots Doesn't Want You to Know.
According to The U.S. Sun, Big Lots has closed at least 50 locations in 2023. And it appears that number isn’t slowing down anytime soon, as storefronts in New York, North Carolina, and Illinois are expected to turn off their lights indefinitely come 2024. The news comes on the heels of the store’s newly appointed leadership team and rollout of a "multi-year strategic plan."
"As we continue to make progress on the five key actions supporting our multi-year strategic plan, which includes improving store relevance and increasing our assortment of extreme bargains, it was important to us to find leaders for these positions that have extensive experience and proven track records in the world of off-price retail," Bruce Thorn, Big Lots president and CEO, said in a Nov. 30 press release.
"Improvement in stores execution is critical to increasing store relevance and overall performance," he added.
Joining Thorn is Kristen Cox as senior vice president, chief stores officer and Seth Marks, who will take on the role of senior vice president of extreme value sourcing.
In the interim, Big Lots will be closing locations in Colonie, New York; Asheville, North Carolina; and Peoria, Illinois. The Colonie store, which services customers surrounding the downtown Albany area, is facing final liquidation sales.
"Consistent with standard retail practices, we review our store footprint on an ongoing basis to make sure we’re best positioned to serve our customers and our business,” a spokesperson told local ABC affiliate WTEN. “Sometimes this process results in store closings or relocations.”
Both the Asheville and Peoria locations are expected to close for good by the end of the year, and customers are encouraged to begin shopping at other nearby Big Lots locations.
