Fed Filing Puts Connecticut Big Lots Stores On Retail Death Watch

CONNECTICUT — The Connecticut retail sector is on edge again with a report that casts doubts over the future of the Big Lots chain.

In a filing with the federal Securities and Exchange Commission submitted Tuesday, Big Lots officials divulged plans to close as many as 40 of its 1,392 stores nationwide and the discount retailer warned in a regulatory report that it has "substantial doubts" it can continue as a functioning business.

Big Lots is based in Columbus, Ohio and boasts 13 locations in Connecticut.

In the SEC filing, company officials said there is a "significant likelihood" that Big Lots won't be able to meet the terms of a credit agreement. Big Lots last month reported a net loss of $205 million for the first quarter of fiscal 2024.

"We missed our sales goals due largely to a continued pullback in consumer spending by our core customers, particularly in high ticket discretionary items,” Big Lots President and CEO Bruce Thorn said.

In Tuesday's filing, Big Lots did not identify the stores that could close or a timetable for the move.

According to the chain's website, Big Lots has Connecticut stores in:

• Manchester
• Windsor
• Newington
• Wallingford
• Bristol
• Middletown
• Milford
• East Haven
• North Haven
• Derby
• New Milford
• Torrington
• Waterbury

The news about Big Lots comes on the heels of other familiar brands releasing plans over the past couple of weeks to close stores.

The parent company of Bob's Stores, GoDigital Media Group, announcing that the company will be closing all locations and liquidate all inventory, as part of the Chapter 11 restructuring filing submitted last month.

A financial storm cloud has been hanging over Connecticut's 93 Walgreens stores since an announcement that the parent company is planning to close "certain underperforming stores" as part of a "significant multiyear footprint optimization program."