Big Lots Announces Closure of Three Stores in Tennessee Amid Declining Sales

Big Lots to Close Three Stores in Tennessee

In Tennessee, shoppers are facing some significant changes as Big Lots, the well-known discount retail chain, prepares to close three locations. This news comes as part of a larger effort by the company to consolidate its business amid declining sales.

Details of the Closures

According to reports as of August 7, the three Big Lots stores set for closure are located in:

• Franklin: 209 S. Royal Oaks Blvd.
• Madison: 2301 Gallatin Pike N.
• Union City: 1410 S. First St.

These closures mean that Tennessee will soon have 44 Big Lots locations instead of 47. Each of the closing stores will hold a closing sale with 20% discounts on most items, enticing local shoppers to take advantage of these deals before the doors shut for good.

Reasons Behind the Closures

The decision to close these stores is part of a broader strategy by Big Lots to manage financial difficulties. The company announced in early July that it intended to shut down as many as 40 stores by the end of the year. This figure has since been revised to potentially over 300 closures across its locations nationwide.

A recent filing with the Securities and Exchange Commission highlighted the challenging financial landscape that Big Lots is facing. It revealed an update on loan agreements which lowered the company’s credit limit while increasing interest rates. In the first quarter of 2024, the company reported a sales drop of more than 10% compared to the prior year, signaling a substantial decline in profitability.

Impact on Tennessee Stores

Before these closures, Tennessee boasted 47 Big Lots stores scattered across cities including Knoxville, Chattanooga, and Memphis, among others. Now, as the state will soon be down to 44 locations, this change will impact local communities where Big Lots has been a staple shopping destination.

Some of the towns in Tennessee are home to Big Lots outlets, like:

• Alcoa
• Athens
• Bristol
• Chattanooga
• Clarksville
• Cleveland
• Columbia
• Cookeville
• Jackson
• Kingsport
• Memphis
• Nashville

While these locations remain open for the time being, the closure of the three stores in Franklin, Madison, and Union City signals a shift in the retail landscape across Tennessee.

Looking Ahead

As Big Lots moves forward, communities across Tennessee are advised to stay tuned for any further announcements regarding additional closures. Though the discounts during the closing sales are meant to attract customers, the overall news of store closures tends to create a feeling of uncertainty for employees and shoppers alike.

For those who shop at Big Lots regularly, this might be a good time to visit these stores before they shut down. With 20% off the store’s offerings, there may be an opportunity to find some great deals during the closing sale.

Overall, the future of Big Lots in Tennessee remains uncertain. The company has expressed the need to focus on improving financial stability, and further adjustments may come as they navigate through these challenges. Customers will be watching closely to see how this effects the retail scene in their neighborhoods.