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‘Where are people going to shop?’ customers ask as discount chain and Marshalls’ rival confirms up to 40 stores closing

SHOPPERS have voiced their concerns about the retail industry as a chain announced the loss of up to stores and warned customers to brace for further upset.

Marshalls’ rival Big Lots announced the upcoming closure of between 35 and 40 locations in a financial report filed last month.

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Big Lots announced the planned closure of between 35 and 40 locations last month[/caption]

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The Marshalls rival has been struggling financially with bankruptcy fears on the rise[/caption]

It comes after the discount chain already shuttered over 50 last year and a further 13 this year.

The Ohio-based company made the announcement in a Security Exchange Commission filing blaming its continued financial struggles on “elevated inflation” and a “pullback in consumer spending.”

“We currently expect to open three stores and close 35 to 40,” the chain said.

It added that it has a “significant number of underperforming stores” with the company losing $132 million in the first three months of this year.

“Where people gonna shop at?” one worried shopper said in response to the news on Facebook.

“No come on pls stop closing our stores, I like Big Lots,” another wrote.

Shoppers echoed these sentiments under another post on the social media site.

“At this rate, there will be no stores left and we will have to buy everything online,” one said.

“No actually seeing the merchandise before we purchase. What a sad world this is becoming.”


“Won’t be any stores left other than Walmart the way it’s going,” another added.

It is not yet known which stores have been earmarked for closure.

While declining footfall has seen the retailer rethink its operational footprint, there are fears for the chain’s future.

In the SEC filing, Big Lots executives admitted “substantial doubt” about their ability to keep the chain alive.

Net sales dropped by over $114 million in the first quarter compared to the same time in 2023, their fiscal report showed.

“Our net losses and use of cash in operating activities in 2022, 2023, and the first quarter of 2024, as well as our current cash and liquidity projections, raise substantial doubt about our ability to continue,” the chain reported.

Bosses added that Bit Lots “expects to experience further operating losses and expects to experience difficulty remaining in compliance” with its credit agreements.

Restaurant closures in 2024

BOSSES at major dining chains have announced a series of restaurant closures. The U.S. Sun has compiled a list of the chain’s affected.

  • Cracker Barrel: Stores in Medford, Oregon, Columbia, South Carolina, and Sacramento, California, have closed.
  • Mod Pizza: Bosses dramatically shuttered 27 shops in April, including some in the state of California.
  • Frisch’s Big Boy: Restaurant chiefs confirmed the closure of a restaurant in Covington, Kentucky in April.
  • Outback Steakhouse: The chain will shutter 41 ‘underperforming’ locations this year.
  • Two Bucks: Four restaurants in Ohio closed in April.
  • Chili’s: A restaurant in Port Arthur, Texas, has shut permanently as well as one in Irvine, California.
  • Friendly’s: Bosses confirmed an establishment in Ronkonkoma, Long Island will close.
  • Pizza Hut: A restaurant in Glen Falls, New York, closed at the end of March, followed by four in Ohio in June and 15 in Indiana.
  • Denny’s: Two restaurants in Boise and Nampa, Idaho, have closed.
  • Carl’s Jr.: The first Boise, Idaho location has closed.
  • In-N-Out: An Oakland location closed earlier in the year due to crime in the area.
  • Cheesecake Factory: The chain is set to shutter a location in Memphis, Tennessee in July.
  • Applebee’s: Announced the closure of between 25 and 35 locations this year.
  • Taco John’s: Shuttered a restaurant in Minnesota and put the building up for sale in May.
  • Rubio’s Coastal Grill: Has announced the closure of 48 locations in California after filing for bankruptcy.
  • Burger King: Shuttered a location in California in June after 30 years.

It was also revealed that the company has been propping itself up on an ever-dwindling cash supply since 2022.

Despite increasing bankruptcy fears, executives have put up a resilient front.

Big Lots will “vigorously pursue its plans to enhance its liquidity, improve the performance of the business, and avoid a covenant violation,” the SEC filing stated.

The U.S. Sun has reached out to Big Lots for comment and has not yet heard back.

Other retailers are also facing hardship and being forced to shutter including Winn Dixie which has launched liquidation sales, LL Flooring which has considered bankruptcy, and Walgreens with plans to close thousands of locations.

AFP

Following the news of the Big Lots closures, shoppers are worried about the state of the retail industry[/caption]

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