Final sales as Big Lots set to close 3 locations - CEO says 'improvement' is critical as changes mad

BIG LOTS has announced several closures across the United States in the past week amid comments from the discount chain's CEO about significant changes behind the scenes.

At least three stores noted their final days would be coming soon, while President and CEO of Big Lots, Bruce Thorn, noted the addition of new leadership and a "multi-year strategic plan."

NEW YORK

On Tuesday, it was confirmed that a Big Lots location in Colonie, New York, about 10 miles northwest of downtown Albany, would shutter its doors for good, per local ABC affiliate WTEN.

A spokesperson for Big Lots confirmed that the location would be shut down indefinitely by the end of January 2024.

They noted the decision was made from a review of what would be best for their consumers.

"Consistent with standard retail practices, we review our store footprint on an ongoing basis to make sure we’re best positioned to serve our customers and our business,” Big Lots told the outlet.

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“Sometimes this process results in store closings or relocations.”

Final liquidation sales are reportedly underway at the Colonie location, and customers were encouraged to find merchandise at other Big Lots stores nearby.

NORTH CAROLINA

A similar process was made by the retail giant with a second store in Asheville, North Carolina, last month, as ABC affiliate WLOS reported.

Final sales were noted on a banner across the storefront on November 30 with no confirmed closure date.

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The sign did note that only the Asheville location would close.

Shoppers were encouraged to look for deals at remaining locations in nearby cities.

ILLINOIS

A third Big Lots location in Peoria, Illinois, also confirmed it would shut down for good not long after Thanksgiving but did not confirm a final open date, per Yahoo! Finance.

Customers in the area noticed a banner along the storefront for a "store closing sale" with "limited merchandise on hand, and everything must go."

The closing sale started on November 27.

With the limited supply, the closure may move fast throughout December, but no official shutdown date was provided.

There are several other Big Lots locations around Peoria, but it's unclear if they will be affected — a sign outside the store noted the closure for "this location only."

PREVIOUS CLOSURES

As The U.S. Sun previously reported, the three announced closures in New York, North Carolina, and Illinois come after several others in a total of at least 50 expected by Big Lots at the beginning of 2023.

With around 1,400 stores total, the retailer laid out plans to close locations in other states like Colorado and California.

At least seven were closed throughout both states.

Thorn argued in a statement that shoppers’ spending habits decreased considerably.

“Our sales and gross margin were in line with guidance and, importantly, year-over-year inventories continued to come down materially," the CEO said.

Thorn added that some future plans were designed to focus on rural markets, a considerable chunk of Big Lots' consumer base.

'STRATEGIC PLAN'

Big Lots' plans were further detailed by Thorn in a recent update amid the closures, per Cision PR Newswire.

He confirmed the additions of Senior Vice President, Chief Stores Officer Kristen Cox, and Senior Vice President of Extreme Value Sourcing, Seth Marks.

Both were placed in their positions in an effort to make an "improvement in stores" through Big Lots' changes.

"As we continue to make progress on the five key actions supporting our multi-year strategic plan, which includes improving store relevance and increasing our assortment of extreme bargains, it was important to us to find leaders for these positions that have extensive experience and proven track records in the world of off-price retail," Thorn said in a statement.

"Improvement in stores execution is critical to increasing store relevance and overall performance."

Cox's role was noted as crucial to showcase "assortment, value offerings, and messaging."

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Marks' position is a newly created role at Big Lots with the goal of "progress toward owning bargains."

The U.S. Sun has contacted Big Lots for further comment on its plans and store closings.

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