Big Lots to Close 35-40 Stores, Open 3 New Ones
Company Reports Net Loss of $307 Million
Borrows Up to $200 Million
COLUMBUS, Ohio -- Big Lots Inc. (BIG) announced on March 7, 2024, that it has closed a sale and leaseback agreement with affiliates of Blue Owl Capital, increasing its borrowing capacity by up to $200 million.
The announcement comes on the heels of the company reporting a net loss of $307 million, or $1.05 per share, for the quarter ended Jan. 29. Big Lots said it plans to close between 35 and 40 stores in the remainder of the year while opening three new ones.
A financial filing by the company showed that the store closures will result in the loss of approximately 500 jobs.
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