Big Lots which has 51 stores in Georgia – including locations in Gainesville, Buford, Cornelia, and Cumming – announced plans Wednesday to close 35-40 stores nationwide in the face of declining sales and a stock prize nosedive. But it did not name the locations that will be closed.
According to a Wall Street filing, net sales dropped ten percent in the first quarter of this year compared to 2023 and long-term debt increased by $72.2 million.
Bankruptcy may also be in the company’s future, as it reported it may not be able to comply with its credit agreement over the next year “which raises substantial doubt about the company’s ability to continue as a going concern.”