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Big Lots is closing stores in 2024. How many of them are in Tennessee?
Big Lots is closing stores in 2024. How many of them are in Tennessee?

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  • Big Lots is closing between 35 and 40 stores this year.
  • The company has not released a list of stores it will close.
  • Founded in 1967, Big Lots has more than 1,300 stores nationwide.

Discount retailer Big Lots will close between 35 and 40 stores this year as it considers bankruptcy, citing “increased inflation” and falling consumer spending, the company said in a recent regulatory filing.

The supermarket sells home products including furniture, decor, pantry items, kitchenware and pet supplies. The company has not released a list of the stores it will close.

How many Big Lots locations are there in Tennessee?

There are ten branches in Tennessee, spread across the state, with branches in cities and towns such as Knoxville, Chattanooga, Bristol and Kingsport.

Here is a map with their location:

Why is Big Lots closing stores?

Big Lots reported a decline in net sales to $1 billion in the first quarter ended May 4, down 10.2 percent from $1.1 billion in the same period last year. The company cited a “continued decline in consumer spending by our core customers.”

According to the filing, net sales fell 10% in the first quarter of this year compared to 2023 and long-term debt increased by $72.2 million. The company may also be facing bankruptcy, as it reported that it may not be able to meet its credit agreement next year, “raising significant doubts about the company’s ability to continue as a going concern.”

The company said “increased inflation” in the U.S. economy had affected customers’ purchasing power.

Shares of the clearance and discount retailer, whose price rose from about $13 per share at its pandemic low in March 2020 to $72 in June 2021, have been available for $1.11 since midday Wednesday. The shares have fallen 86 percent this year.

Due to its financial difficulties, Big Lots suspended its dividend payment last year and announced that it would sell and lease back its Columbus headquarters.

Founded in 1967, Big Lots has more than 1,300 stores nationwide and is headquartered in Columbus, Ohio.

USA TODAY NETWORK Features The IntelligenceR and Columbus Dispatch contributed to this story.

Areena AroraData and investigative reporter for Knox News, can be reached via email at [email protected]. Follow her on X @Subscribe to And At Instagram @areena_news.

By Liam