In an U.S. Securities and Exhcange Commission filing last month, the Connecticut-based retailer said inflation and economic pressures have put business in jeopardy.
Connecticut-based Big Lots announced this week it will be closing up to 40 stores by the end of the year, and the fate of the Lansdale store in Hillcrest Plaza on East Main Street remains up in the air.
A store associate at the Lansdale location said Wednesday that management has not been told anything regarding the store closing at this time.
Acccording to a U.S. Securities and Exchange Commission filing last month, inflation and failure to overcome economic pressures has led company executives to put doubt in Big Lots’ future.
It recorded $1 billion in sales by first quarter of 2024, a 10% drop from last year, according to the filing and recorded $637,000 in costs of sales. It had a net operating loss of $205,035 as of May 4, 2024
Big Lots, which runs close to 1,400 stores in the nation, has not yet announced publicly which stores will be closing. However, it does expect to open three stores, per the SEC filing.
The company lists current total assets at $3.17 million and total liabilities and shareholders’ equity at the same number.
