1 MI Big Lots Store On Corporate Hit List

PORTAGE, MI — A Michigan Big Lots store is slated for closure amid doom and gloom outlined in an earnings report.

The Big Lots store in Portage is expected to close down soon and it appears going-out-of-business sales have already begun. The store is offering up to 20 percent off items with "limited exceptions," according to the retail store's website.

Prior to the closure announcement, Big Lots had more than 1,400 across the nation, including 45 other stores in Michigan. Those locations are in:

• Adrian
• Alpena
• Battle Creek
• Bay City
• Benton Harbor
• Big Rapids
• Burton
• Chesterfield
• Clinton Township
• Coldwater
• Dearborn
• Eastpointe
• Farmington Hills
• Flint
• Gaylord
• Grand Rapids
• Grandville
• Holland
• Howell
• Jackson
• Kentwood
• Lansing
• Lapeer
• Livonia
• Madison Heights
• Monroe
• Mount Pleasant
• Muskegon
• Niles
• Okemos
• Petoskey
• Pontiac
• Port Huron
• Saginaw
• Sault Sainte Marie
• Shelby Township
• Southfield
• Southgate
• Sterling Heights
• Taylor
• Traverse City
• Waterford
• Westland
• Ypsilanti

About two weeks ago, in a filing with the federal Securities and Exchange Commission, 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.

It did not immediately name the stores, and they then appeared on the website.
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.

No timetable has been posted for the closures.