A massive retailer is now closing a dozen stores in Arizona after reports have surfaced of several other locations shutting down nationwide.
Big Lots, a major retail chain, is shutting down 12 of its store locations in the state of Arizona.
This decision is being made due to a lack of sales and declining revenue at these specific stores.
According to the company’s website, Big Lots currently operates a total of 34 stores across the state of Arizona.
However, 12 of these locations have now been marked as “Closing This Location” on the website.
For these 12 closing stores, Big Lots is offering customers discounts of up to 20% off as they liquidate the remaining inventory and wind down operations.
The specific locations that are slated to close include:
- Flagstaff – 1416 E. Route 66
- Glendale – 17510 N. 75th Ave.
- Laveen – 3630 W. Baseline Rd.
- Mesa – 2840 E. Main St.
- East Mesa: Sunvalley Square – 6839 E Main St.
- Peoria – 24760 N. Lake Pleasant Pkwy
- Phoenix – 2020 N. 75th Ave.
- North Phoenix -230 E. Bell Rd.
- Phoenix – 2330 W. Bethany Home Rd.
- Northeast Phoenix -4727 East Bell Rd.
- Phoenix – 4835 E. Ray Rd.
- Scottsdale – 10220 N. 90th St.
- Tucson – 4525 N. Oracle Rd.
This move by Big Lots is likely an effort to optimize their retail footprint in the state and focus resources on their more profitable locations.
In a filing with the U.S. Securities and Exchange Commission (SEC) in July 2024, the retail company Big Lots disclosed plans to close between 35 to 40 of their store locations over the course of the year 2024.
However, the company also intends to open 3 new stores during this time.
According to the filing, Big Lots reported a net reduction of 33 operating stores in their overall portfolio.
At the start of 2024, the company had 1,392 store locations, but this number increased to 1,425 in the first quarter of 2023.
The SEC filing further revealed that Big Lots experienced a 10.2% decrease in sales between the first quarters of 2023 and 2024.
This sales decline amounted to a loss of approximately $114.5 million for the company.
The planned store closures, combined with the modest store openings, appear to be part of Big Lots’ strategy to optimize their physical retail footprint and address the decline in sales and profitability witnessed over the past year.
For more store closure news and updates like this, opt-in for push notifications.
Or, join the newsletter.
Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois
Other Economy News Today
A beloved grocery chain now confirms unexpected closures across the Northeast taking place by the end of the year.
Grocery chain Stop & Shop has announced that a total of 32 underperforming locations will shutter in the U.S.
The company said the select stores across the Northeast will be closed before the end of the year.
Stores in New Jersey, Massachusetts, New York, Connecticut, and Rhode Island will close by November 2.
In May, the company announced the coming store closures.
“Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” company president Gordon Reid said, per a July 12 press release.
The company’s president added that the closures were essential “to create a healthy base for the future growth of our brand.”
Fortunately, employees will be offered other positions within the company, according to a press release.
The grocery outlet first opened in 2014 and currently has around 400 stores and 60,000 employees, per Fox affiliate KRLD.
Stop & Shop is owned by Ahold Delhaize which also owns Food Lion, Giant Food, and Hannaford.
Which grocery stores are closing?
In New Jersey, 10 locations will close, while only seven will close in New York.
Rhode Island will see two closures and Massachusetts, the home of the first location, will be closing eight.
Five stores will also be closing in Connecticut.
As other chains such as Walmart and Amazon join the grocery business, it has pushed traditional grocery stores out of view, reports The-Sun.
Stop & Shop hopes the closure of underperforming stores will create “future growth” for the company.
Also Read: Retirees Will Now Receive More Money For Social Security
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Be sure to share this article with your community.
We are tirelessly working on providing you with the latest local news to keep you informed about job cuts, bankruptcies, and store closures in your area.
Also, thank you to all of our blog sponsors.
This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Our readers can now donate $3 per month to support independent journalism.
For daily news and updates on your favorite stories, opt-in for push notifications.
Follow Frank Nez on X (Twitter), Instagram, or Facebook.
Support Independent Journalism ✍🏻
Support independent journalism for just $3 per month!
Your contributions help power Franknez.com as the cost of widgets and online tools continue to rise.
Thank you for your support!
Recommended For You ✨
About The Author
Leave your thoughts below.
For more news and updates like this, opt-in for push notifications.