Big Lots follows in Conn's footsteps, set to shutter 13 stores in Arizona, amid financial strife
Phoenix, Arizona: Following close on the heels of Conn's, Big Lots will be closing 13 of its Arizona stores -- 11 of which are in the Valley -- as the company battles dwindling sales and a loss of profitability. Arizona is just one of the states that will see the discount chain shut down multiple locations across the country. Closing stores will have banners on their personal webpages indicating their closure and promoting a 20% off discount with limited exceptions.
The retail chain disclosed in an SEC filing that it will be closing 35 to 40 stores in the United States in 2024. According to the SEC filing, Big Lots had a total of 1,392 stores at the start of 2024, a decrease of its 1,425 locations at the beginning of 2023. It claims that 244 stores are underperforming this year. In the filing, the company stated that closing locations will allow them to liquidate assets and sell some of their real estate.
Big Lots has been hit financially due to several factors, including declining sales, increased operational costs, and inflation. In the first quarter of 2024, net sales decreased 10.2% compared to the first quarter of 2023. Additionally, rising costs and competition in the retail sector have added to its financial woes. In October 2023, CreditRiskMonitor reported that Big Lots was nearing a potential Chapter 11 bankruptcy filing.
Big Lots was founded in 1967 by Sol Shenk under the name Consolidated Stores Corporation and began operating its first store under the 'Odd Lots' name in 1982.
Here are the 13 Big Lots stores closing in Arizona
Flagstaff – 1416 E. Route 66
Glendale – 17510 N. 75th Ave
Laveen – 3630 W. Baseline Rd.
Mesa – 2840 E. Main St., Ste 109
Mesa – 6839 E. Main St
Peoria – 24760 N. Lake Pleasant Pkwy
Phoenix – 2020 N. 75th Ave Ste 40
Phoenix – 230 E. Bell Rd.
Phoenix – 2330 W. Bethany Home Rd
Phoenix – 4727 E. Bell Rd.
Phoenix – 4835 E. Ray Rd
Scottsdale – 10220 N. 90th St
Tucson – 4525 N. Oracle Rd