In a June filing with the U.S. Securities & Exchange Commission (SEC), bargain retailer Big Lots announced its intention to shutter as many as forty stores. There are now hundreds of them around the country, with 18 of Washington’s 26 sites falling under that category.
After being reported at 12 last month, the number in Washington climbed.
In a recent SEC filing, Big Lots announced that it would be closing as many as 315 shops, which is an increase from initial claims, as pointed out in Tuesday’s reporting by commercial real estate news website CoStar News. As “a leading provider of online real estate marketplaces, information, and analytics in the property markets,” CoStar Group claims ownership of Apartments.com and Homes.com in addition to CoStar News. The Big Lots filing was referenced in Fast Company’s report of the closures, which can be accessed here.
In a major securities filing on June 13, the company had already announced the closure of dozens of locations and warned of “substantial doubt” over its ability to continue operations. There were supposed to be 35–40 store closures and three openings this year, as stated in the filing. (The first-quarter earnings were reported seven days after the corporation made the disclosures.)
According to CoStar News, however, that figure has skyrocketed, and hundreds more establishments have closed their doors.
Customers may see when certain Big Lots stores are closing on the store pages themselves. It appears that July 22 was the start of the procedure to update the website with the closure of stores.
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“Although we achieved significant strides in enhancing our business operations in Q1, we were unable to meet our sales targets mainly as a result of our core customers’ ongoing reduction in consumer spending, especially on expensive discretionary items,” stated President and CEO Bruce Thorn, as reported earlier.
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Bill Read of Retail Specialists, a commercial real estate consultancy, spoke with CoStar News and said that Big Lots is trying to immediately reverse its poor trajectory.
Big Lots is making a concerted effort to shutter underperforming stores, according to Read.
He elaborated by saying that shuttering shops won’t save the company. “Focusing on the stores that are not losing money does help in the short term,” the author continues.
Before, Read had stated that it “seems like a wise move” to close stores.
Big Lots stores closing across the country and in Washington
A total of 291 stores have been designated for closure based on an audit that was recently completed. An audit was also finished last week by MassLive, a media site based in Central Massachusetts. Of the 289 stores that were recognized to be closing, 75 out of 109 were in California, which accounts for over two-thirds of the company’s foothold in the state.
Also, 26 out of 106 Florida stores will be closing their doors, and 18 out of 34 Arizona stores will be closing their doors as well. Sites in thirty-five states are going dark.
Even though there are now 26 stores in Washington, 18 of those cities—including Tacoma, Spokane, Everett, Vancouver, and Bellingham—will be losing their locations.
A merger between Kroger and Albertsons will influence these 124 Washington grocery businesses.
Listed here are all of the Washington Big Lots stores that will be closing their doors soon, as per the company’s website counts between July 23 and August 7:
The following addresses are included: 1650 Birchwood Ave., Bellingham; 14907 4th Ave. SW, Burien; 17307 SE 272nd St., Covington; 6727 Evergreen Way, Everett; 1301 W Meeker St., Kent; 1515 Marvin Rd. NE, Lacey; and, most recently added, 5401 100th St. SW— Suite 102, Lakewood.
The following locations have recently been added to the list: 5710 196th St. SW in Lynnwood, 2815 Capital Mall Dr. SW in Olympia, 1940 E. 1st St. in Port Angeles, and 3399 Bethel Rd. SE in Port Orchard.
Just added to the list: 120 31st Ave. SE, Puyallup.
Here are two additional addresses: 14215 SE Petrovitsky Rd. in Renton and 1743 George Washington Way in Richland.
The address 9612 N. Newport Highway in Spokane is now included in the list.
These locations have recently been added to the list: 1414 72nd St. in Tacoma, 2100b SE 164th Ave., Ste. E in Vancouver, and 151 Easy Way in Wenatchee.
Stores that are closing their doors will be offering discounts of up to 20% off, according to the website.
