FRANKLIN, Tenn. — Big Lots will be closing several more stores across the U.S. than originally anticipated, according to a late-July U.S. Securities and Exchange Commission filing from the company.
In the July 31 filing, the company asked to increase the number of potential closings from 150 to 315 to "aggressively address underperforming stores."
The company slated nearly 300 stores for closure as of Tuesday. The majority of those closures appear to be in California, Washington, Florida and Arizona, according to closing notices posted to various store locations on the company's website.
The company does not appear to be closing any locations in East Tennessee or Southeastern Kentucky at the moment.
Three stores in West Tennessee and Middle Tennessee are currently slated to close and are holding closing sales of up to 20% off, according to Big Lots website. Those stores are:
- Franklin - 209 South Royal Oaks Blvd
- Madison - 2301 Gallatin Pike North
- Union City -1410 South 1st Street
Earlier in June, the company said in its quarterly report that it originally planned to close up to 40 stores.
Big Lots CEO Bruce Thorn said the company had missed its sales goals in Q1 due to "pullback in consumer spending by our core customers, particularly in high ticket discretionary items."
"The current financial performance does not yet reflect the stronger business model that we've created through our five key actions, but we expect the fruits of those efforts to become more apparent in the back half of the year," Thorn said.
