Big Lots Closing 4 More PA Locations Amid Financial Troubles

PENNSYLVANIA — Big Lots officials have identified four additional Pennsylvania stores designated for closure following a disappointing earnings report for its latest quarter that mentioned a decline in net sales and a possible credit snafu.

In a July 31 filing with the Securities and Exchange Commission obtained by Fast Company, Big Lots said it plans to close as many as 315 locations across 35 states, or more than 22 percent of the company's 1,389 U.S. stores.

The number of projected closings increased significantly from an earlier filing in which Big Lots said it planned to close up to 40 stores this year and open three.

The four latest Pennsylvania stores slated for closure are:

• 2820 Gracy Center Way, Coraopolis
• 345 Scarlet Rd. Ste 22, Kennett Square
• 199 Franklin Mills Blvd., Philadelphia
• 2980 Whiteford Rd., York

In July, the company said it would close the following two stores:

• 201 West Lincoln Hwy, Exton
• 713 E Baltimore Ave, Clifton Heights

No timetable has been posted for the closures. Before the closures, Big Lots had more than 70 stores in Pennsylvania.

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

"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 a statement.

Big Lots is based in Columbus, Ohio.

Founded in 1967, the company operated in its infancy as Consolidated International and operated closeout and discount stores under a variety of names. In 2001, the various store names and company were converted to the single national Big Lots brand.