BIG Lots announced it will close one of its biggest stores, which measures about 30,300 square feet.
The closure will come just after the holiday shopping season in January.
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The Big Lots store in Carmichael, California, was listed for lease last month, reports the Sacramento Business Journal.
Josh Chaney, a spokesperson for Big Lots, told the outlet: “Consistent with standard retail practices, we review our store footprint on an ongoing basis to make sure we’re best positioned to successfully serve our customers and our business,” Chaney said in an email.
“Sometimes this process results in store closings or relocations.”
It is an anchor store within the Carmichael Center, and the second location to close in the area within 12 months.
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In January of this year, Big Lots announced three stores would close in California, including the Carmichael location, and four would shut in Colorado.
In 2022, the company opened nearly 50 stores, but chief financial officer Jonathan Ramsden said that the number of closings will be similar to or slightly above 50 stores.
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Bruce Thorn, chief executive officer, cited drastic changes in shoppers’ spending habits as the reason behind the closure.
“Our sales and gross margin were in line with guidance and, importantly, year-over-year inventories continued to come down materially,” he said.
Thorn explained that Big Lots will “increasingly focus” on rural and smalltown markets where the company has proven to outperform similar discount retailers.
Meanwhile, the company has launched an extremely generous Black Friday sale.
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Every Friday between October 6 and December 22 features deals offering as much as 50% off.
In a statement, Thorn said Big Lots wanted to make it even easier for customers to get affordable prices throughout the entire holiday season.
“This holiday season, Big Lots is making it easier than ever for shoppers to take advantage of some of the year’s biggest bargains, with up to 50% off one-day deals every Friday through Christmas,” he said.
“Every week, we’re bringing shoppers a Black Friday deal, including special offers on food and home essentials to holiday décor, gifts, furniture and more.”
Shoppers will have to act fast as the deals will be available for 24 hours, in-store only.
Fellow discount retailer, Nordstrom Rack, is also facing a store closure.
Plus, see the big change coming to Target ahead of the holiday season.
Source: https://t-tees.com
Category: WHICH
