Big Lots is closing dozens of stores. Is Livermore next?

Big Lots is closing dozens of stores. Is Livermore next?

Discount retailer Big Lots is closing numerous stores and hinting that it may have to go out of business.

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LIVERMORE, CALIFORNIA — Retailer Big Lots plans to close up to 40 of its 1,392 stores nationwide, and the discounter warned in a notice to regulators that it has “substantial doubts” about its ability to continue as a viable business.

In a filing with the U.S. Securities and Exchange Commission on Tuesday, the Columbus, Ohio-based company also said there was a “substantial probability” that it would be unable 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.

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“We missed our revenue targets largely due to the continued decline in consumer spending by our core customers, particularly on high-cost consumer goods,” Bruce Thorn, Big Lots president and CEO, said in a statement at the time.

In Tuesday’s filing, Big Lots did not disclose the names of the stores to be closed or the timing of the closures.

According to its website, the chain has 109 locations in California, including one at 4484 Las Positas Road in Livermore. The former Big Lots at 7991 Amador Valley Boulevard in Dublin closed in January 2023.

Founded in 1967, the company was initially called Consolidated International and operated closeout and discount stores under various names. In 2001, the various store names and companies were merged into the unified national brand Big Lots.

According to its website, Big Lots employs 35,000 people.

Patch contributor Eric Heyl contributed to this report.