Big Lots, the discount retail chain, is set to close several stores nationwide, including three in Maryland, after reporting substantial financial losses for the first quarter of 2024. The company attributed the closures to a significant downturn in sales and potential credit issues. The following Maryland stores are slated for closure: Laurel: 3331 Corridor Marketplace Lexington Park: 21800 N. Shangri La Drive, Unit 20 Reisterstown: 11989 Reisterstown Road, Ste. A No specific timeline has been provided for when these stores will close their doors. The decision comes as part of a broader plan by Big Lots to shut down 35 to 40 stores across the country while opening only three new locations this year, as reported by the Florida Times Union. This strategy follows a reduction in the total number of Big Lots stores from 1,425 in the first quarter of 2023 to 1,392 at the start of 2024. Big Lots President and CEO Bruce Thorn stated that the company fell short of its sales goals, primarily due to a decrease in consumer spending on high-ticket discretionary items by its core customers. Last month, the company reported a net loss of $205 million for the first quarter of fiscal year […]
The post Big Lots Announces Lexington Park and Two Other Maryland Stores to Close Following $205 Million Quarterly Loss appeared first on Southern Maryland News Net.
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