Five Indiana Big Lots stores set to close
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Big Lots Inc. plans to close five stores in Indiana among more than 300 nationwide as the discount retailer amends a loan agreement amid softening sales.
The company’s locations in Elkhart, Kokomo and Warsaw are closing, as well as one of five stores in Indianapolis (8401 Michigan Road) and one of two stores in Fort Wayne (3958 Illinois Road), the Big Lots website indicates.
The Ohio-based retailer said in a July 31 regulatory filing that it planned to close up to nearly a quarter of its more than 1,300 stores as part of an amendment to a 2022 agreement with its creditors.
In June, Big Lots reported a net loss of $205 million for its first fiscal quarter amid a 10% decline in sales. President and CEO Bruce Thorn said in a June 6 news release that the retailer planned to take “aggressive actions.”
The retailer in an earlier regulatory filing had warned of a “significant likelihood” of being unable to meet its loan terms, which would raise “substantial doubt” that the company could stay in business.
The July 31 regulatory filing did not indicate which Indiana stores would be closing, but the retailer’s website notes planned closings for specific stores.
Big Lot stock on Thursday morning was trading at $1.04 per share, down nearly 90% from its 52-week high.