Cbus based chain closing distribution center, laying off hundreds, cites bad economy & inflation
A Columbus-based local retailer with hundreds of national stores is facing some financial trouble.
In July, 614Now reported that Big Lots has lost about $114 million in net sales in the first quarters of both 2023 and 2024, which is leading them to make the difficult decision to close around 150 stores nationwide, and now, their entire 3 million square foot distribution center, located at 300 Phillipi Rd., is closing as well, by Oct. 31.
This will impact 379 jobs. All workers will receive benefits and pay through Nov. 3, the company said in a statement to the state.
While there’s speculation that this retail chain, Big Lots, will file for bankruptcy soon, they’ve only filed their initial store closures to the U.S. Securities and Exchange Commission. But the filing report also discloses that Big Lots acquired $72.2 million in debt just from 2023 and 2024 alone, pushing the company into now millions of dollars in total debt, which the chain said in the SEC filing means there’s “substantial doubt about the company’s ability to continue.”
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Big Lots also wrote in the filing, “In 2024, the U.S. economy has continued to face macroeconomic challenges including elevated inflation, which has adversely impacted the buying power of our customers.” In 2024 alone, they reported a $205 million loss, plus a 10.2% decline in sales.
While a Big Lots storefront already closed in central Ohio last January (it’s now transforming to Bob’s Discount Furniture Store), Ohio won’t be the hardest hit with store closures. California is shuttering 53 locations, almost half of all locations there.
There are 102 Big Lots in Ohio, 17 of them being here in central Ohio, and as of now, the company hasn’t disclosed they’re closing any of them. The first Big Lots to ever open was located at the Berwick Plaza Shopping Center, and it’s still open today! The retail chain, which first started in 1967, is still headquartered in Westerville.
With the warehouse operation closing, it’s unclear what will happen next for the national chain.
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