2 VA Big Lots Stores To Close After Grim Earnings Report

FREDERICKSBURG, VA — Big Lots officials have targeted two Virginia stores for closure following a disappointing earnings report for its latest quarter that mentioned a decline in net sales and a possible credit snafu.

Big Lots said it planned to close 35 to 40 stores this year and open three, the Florida Times Union reported. At the start of 2024, there were 1,392 stores nationwide, down slightly from 1,425 in the first quarter of 2023.

The store closures were announced individually on the chain's Virginia store locator function on the company website.

The two Virginia stores to be shuttered are:

• Big Lots, 736 Warrenton Road, Fredericksburg
• Big Lots, 7743 Sudley Road, Manassas

While the Big Lots on Warrenton Road in Fredericksburg is closing, another Big Lots located at 10611 Courthouse Road will remain open.

No timetable has been posted for the closures.

The move leaves the chain with 4o stores in the state:

• Charlottesville
• Chesapeake (2)
• Chester
• Christiansburg
• Culpeper
• Danville
• Fredericksburg
• Front Royal
• Galax
• Gloucester
• Hampton
• Harrisonburg
• Henrico
• Lynchburg (2)
• Madison Heights
• Martinsville
• Newport News
• Norfolk (2)
• North Chesterfield
• North Prince George
• Richlands
• Richmond
• Roanoke (2)
• Salem
• Sterling
• Suffolk
• Vinton
• Virginia Beach (2)
• Waynesboro
• Williamsburg
• Winchester
• Wise
• Woodbridge
• Yorktown

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.