Big Lots closing more stores, including 2 in Central NY

Big Lots is closing more stores than previously announced, including two in Central New York.

The discount retail chain said last month it would close 35 to 40 locations after reporting a net loss of $205 million in the quarter ending May 4, 2024. The company named another hundred stores earlier this week, and now the list has grown even larger.

As of Friday morning, ten Big Lots stores are set to close in New York state, including previously announced stores in Carle Place, Centereach and Queensbury. The latest closures include two stores in Buffalo and locations in Canandaigua, Ithaca, New Hartford, Plattsburgh and Poughkeepsie.

Exact closing dates were not announced, but 20% off sales are being offered at locations going out of business.

Tyler Gibbons, who identified himself as the manager of Big Lots in Ithaca, said the Cayuga Shopping Center location will likely close in October depending on liquidation and final sell-through.

“This decision has been incredibly difficult for us,” Gibbons wrote on Facebook. “Despite our best efforts to adapt and thrive in an ever-changing market, the time has come to close our doors. We are deeply grateful for your unwavering support, loyalty, and trust over the years. Your patronage has meant the world to us, and it has been an honor to serve this wonderful community.”

According to its website, Big Lots still has another 50 locations operating in New York state, including stores in Auburn, Binghamton, Buffalo (Clarence), Clifton Park, Cortland, Geneva, Hamilton, Liverpool, Massena, Mattydale, Niagara Falls, Oneida, Oswego, Pulaski, Rochester, Rome, Troy, Utica and Watertown.

However, the company has warned that its survival may be in doubt and bankruptcy is possible.

Big Lots CEO Bruce Thorn cited a “challenging consumer environment” and “a continued pullback in consumer spending by our core customers, particularly in high ticket discretionary items.” Its stock has reportedly fallen from more than $70 in 2021 to $1.02 on Wednesday.

Big Lots had more than 1,400 stores at the beginning of 2023. At least 10% of its total U.S. footprint will close this year, with more closures likely.

“Based on our current cash and liquidity projections, and uncertainties with respect to the mitigating effect of management’s plans, the Company has concluded there is a significant likelihood that it will be unable to comply with the Excess Availability Covenant under the 2022 Credit Agreement and the Term Loan Facility within the next 12 months, which raises substantial doubt about the Company’s ability to continue as a going concern,” the company said in a June SEC filing.

Big Lots stores closing in New York state (as of Aug. 2, 2024):

Buffalo (Linden Corners): 2276 Delaware Ave

Buffalo (Sloan): 698 S Ogden St

Canandaigua: 4406 State Route 5 & 20, Ste 129

Carle Place: 260 Voice Rd

Centereach: 231 Centereach Mall

Ithaca: 2309 N Triphammer Rd

New Hartford: 4645 Commercial Dr

Plattsburgh: 316 Cornelia St

Poughkeepsie: 43 Burnett Blvd

Queensbury: 751 Upper Glen St, Ste 2