Popular discount stores in Michigan are closing

Attention, discount shoppers and retail fans in Michigan! Get ready for BIG news that will shake up the world of discount bargain hunters. Big Lots, an Ohio-based retail chain with 46 stores across Michigan, has announced plans to close 35 to 40 stores nationwide this year. This news comes after the discount chain closed 52 stores in 2023, and according to the latest announcement, Big Lots’ financial woes are far from over.

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In its latest filing with the U.S. Securities and Exchange Commission (SEC), Big Lots reported a staggering drop in net sales – $114.5 million, or 10.2 percent, less than the first quarter of last year. The company blames “increased inflation” for eroding consumer purchasing power, which has led to falling sales and rising losses. Anyone hoping for a comeback from one of Michigan’s most popular discount chains should not. When top executives were asked about the company’s ability to continue operating, the phrase “substantial doubt” was used.

For Michigan’s Big Lots stores, it’s more than a “seasonal slump”

Big Lots has been losing a lot of money since 2022. The financial burden has become so great that bankruptcy could be imminent. Although the retailer has not publicly commented on these speculations, the numbers speak volumes.

The stock has plummeted 52% in a single month and an incredible 84% over the past year. That paints a pretty grim picture, not only for Big Lots, but also for its employees and the Michigan communities that have become dependent on these stores.

The future of Michigan’s large lots: Which locations will close?

So what’s next for Michigan-based Big Lots and other retailers in the same boat? Will we see a resurgence of bargain hunters at brick-and-mortar stores, or is this the beginning of the end of physical retail? Although the retailer has announced plans to close 35 to 40 locations, no list of stores that will close has been released.

Related: Target no longer accepts this as payment in Michigan

Big Lots’ problems are mounting, but the company isn’t giving up yet. It plans to “increase liquidity, improve store performance, and avoid breaches of contract.” In short, Michigan shoppers should keep their fingers crossed and their wallets ready. The retail landscape is changing, which means another “going out of business” sale could be imminent.

Abandoned Sears store, somewhere in Michigan