3 Connecticut Big Lots Stores on Corporate Hit List

Big Lots has identified three stores in Connecticut for closure due to financial difficulties.

Jul 22, 2024 11:02am EDT | Updated Jul 22, 2024 11:05am EDT

CONNECTICUT — Big Lots officials have designated three Connecticut stores for closure amid bleak prospects outlined in an earnings report.

The closures were announced separately on the chain’s Connecticut store locator feature on the company’s website. They come shortly after an earnings statement that cited a decline in net sales and a potential credit crunch.

The three stores that will close are:

Manchester on Pleasant Valley Road
Milford at Turnpike Square
Waterford on Boston Post Road

The move leaves the chain with just 13 stores in the state:

Bristol
Derby
East Hartford
East Haven
Middle town
New Milford
Newington
North Port
Norwich
Torrington
Wall
Waterbury
Windsor

Before the closure was announced, Big Lots had more than 1,400 stores across the country.

About two weeks ago, Big Lots officials disclosed in a filing with the federal Securities and Exchange Commission that they plan to close as many as 40 of their 1,392 stores nationwide. The discounter warned in a regulatory report that it has “substantial doubts” that the company can continue to operate.

The names of the stores were not mentioned immediately, but only appeared on the website later.

In the SEC filing, company officials said there is a “significant likelihood” that Big Lots will not be able to meet the terms of a credit agreement. Big Lots last month reported a net loss of $205 million for the first quarter of fiscal 2024.

“We missed our sales goals primarily due to a continued decline in consumer spending by our core customers, particularly in high-value discretionary items,” said Bruce Thorn, president and CEO of Big Lots.

No timetable has been announced for the closures.