Discount retailer Big Lots plans to close as many 315 stores in the U.S., including four in the Philly region as the chain tries to rein in financial problems.
The Columbus, Ohio-based company, which sells low-cost groceries, home furnishings and toys, has increased its number of projected store closures from 150 in a recent filing with the U.S. Securities & Exchange Commission. Big Lots lists the following locations in the Philly area among those slated to go out of business:
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• 199 Franklin Mills Blvd., Philadelphia
• 713 E Baltimore Ave., Clifton Heights (Delaware County)
• 201 W. Lincoln Hwy., Exton (Chester County)
• 345 Scarlet Road, Kennett Square (Chester County)
Big Lots hasn't said when these stores will cease operations, but those on the list on the company's website include alerts promoting sales of up to 20%. Earlier in the summer, the company indicated as many as 40 stores could close by the end of the year.
There are about 1,389 Big Lots stores nationwide. The closures represent about 10% of the company's locations. Northeast Philadelphia has a second Big Lots store at 15501 Bustleton Ave. in Somerton. Other stores in the region are in Fairless Hills, Norristown and Cherry Hill.
In June, Big Lots said its first quarter sales were down about 10% and the company faced doubts about whether it could continue to operate if it's unable to pay its debt in the coming year.
"We missed our sales goals due largely to a continued pullback in consumer spending by our core customers, particularly in high ticket discretionary items," Big Lots CEO Bruce Thorn said.
