Big Lots, a bargain box store well known for seemingly random household items and curiosities, has announced it will close dozens of stores across California this year, including several locations …
This Thursday, May 27, 2021, photo shows an empty shopping cart in an empty parking lot at Buena Park Mall in Buena Park, Calif., as California state lawmakers grappled with what to do with the growing number of vacant shopping mall and big-box retail store spaces. Big Lots, one of the companies that has occupied those spaces in California, has announced it is closing dozens of stories in California.
Noted in a U.S. Securities and Exchange Commission report filed earlier this year, the Columbus, Ohio-based company faced $205 million in losses at the end of the fiscal quarter in May. The company’s home product sales, including furniture and seasonal products, were particularly impacted by “macroeconomic pressures affecting our customers’ discretionary spending,” documents say. This is directly affected by a “decrease in demand for large-ticket products as customers remain cautious with discretionary spending.”
“Due to ongoing negative macroeconomic factors and their uncertain impacts on the company’s business, results of operations, and cash flows,” Big Lots expects to experience even more losses this year, the SEC filing said.
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