Big Lots is planning to close dozens of stores, including several in Connecticut, due to financial problems. In its latest quarterly report, the discount retailer announced it might close up to 40 stores nationwide by the end of the year.
According to its website, the Connecticut locations set to close are:
- Pleasant Valley Road in Manchester
- Turnpike Square in Milford
- Boston Post Road in Waterford
Big Lots operates 16 stores in Connecticut and over 1,400 nationwide. The closures come after a 10% drop in net sales and a potential loan default, as mentioned in the quarterly report.
A default on the retailer’s 2022 loan is considered highly likely, which could jeopardize the company’s future. With the rise of online shopping, brick-and-mortar stores are struggling. Big Lots is the latest chain to announce closures.
For example, Bob’s Stores will close its last locations this month after filing for bankruptcy in late June. Stop & Shop plans to close 32 grocery stores, including five in Connecticut, by the end of the year. Walgreens is also finalizing a plan that could result in hundreds of store closures in the coming years. Last year, both Christmas Tree Shops and Bed Bath & Beyond went out of business.