Big Lots, the well-known discount retailer, is undergoing significant changes due to financial challenges. In September 2024, the company filed for Chapter 11 bankruptcy protection and announced plans to close over 340 stores nationwide. This decision is part of a broader strategy to stabilize its financial situation and streamline operations.
As of November 2024, Big Lots has added 19 more stores to its closure list, including two in Florida:
- Fort Walton Beach: 111 Racetrack Road NW
- Orlando: 2544 East Colonial Drive
These closures are in addition to the 28 Florida stores previously slated to shut down, bringing the total number of closures in the state to 30. The earlier list includes locations in cities such as Port Richey, Stuart, Coconut Creek, Tarpon Springs, and several others.
The primary reason behind these closures is the company’s effort to address underperforming stores and ensure efficient operations. Big Lots reported a 10.2% decline in sales between the first quarters of 2023 and 2024, amounting to a loss of approximately $114.5 million. This downturn has raised concerns about the company’s ability to continue operating without significant restructuring.