Colorado losing another Big Lots location
Sep 24, 2024, 2:46 PM | Updated: Sep 25, 2024, 10:25 am
Another Big Lots location in Colorado is set to close as the company faces significant financial challenges, including substantial debt and declining sales across the country.
In August, the company announced the closure of over 300 stores. Since that announcement, Big Lots has filed for Chapter 11 bankruptcy and has expanded its list of closures.
The latest addition to the list of closures includes the Westminster location, reducing the number of Big Lots stores in Colorado to just five, down from a previous total of 14.
The stores that remain operational are situated in Pueblo, Aurora, Brighton, Lakewood, and Wheat Ridge.
Despite the company stating that “the majority” of its stores have been profitable, net sales fell by $114.5 million in the first quarter of 2024, while debt rose to $573.8 million during the same period.
Big Lots has attributed the decline in customer shopping levels to high inflation and interest rates.
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