Sales Dip Forces Big Lots to Close Five Stores in Indiana

Big Lots previously announced plans to shutter around 40 stores, and it now looks like more are on the chopping block, including five Indiana locations.

READ MORE: Big Lots Shutting Down Stores Amid Financial Uncertainty

Big Lots has always been one of my favorite stores to visit. As a kid, I vividly remember thumbing through the DVD section for movies to add to my large collection. As an adult, I tend to gravitate more to the furniture and household offerings, but still enjoy every second of the shopping experience. In July 2024, the retailer announced they would be closing over 40 stores, and that their future was in critical doubt. This was definitely not something I wanted to hear, and it seems as though the bad news keeps coming.

What is Big Lots?

According to their corporate website, Sol Shenk founded the Ohio-based retailer that is now Big Lots in 1967. Initially operating under the name "Consolidated International," the company would later launch the Big Lots closeout chain in 1982. Over the years, the chain grew to include other stores, such as Odd Lots, Mac Frugal’s Bargains Closeouts, and Pic ‘N’ Save. The company now operates under the single national brand, known as "Big Lots."

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What Big Lots Stores Are Closing?

Following the inital July 2024 announcement, the chain began shuttering stores across America. In fact, Big Lots now plans to close around a quarter of their more than 1,300 stores. Indiana will lose five of its Big Lots locations, according to Inside Indiana Business. The company will close locations in Elkhart, Kokomo, and Warsaw, along with one of its five stores in Indianapolis at 8401 Michigan Road. Additionally, one of two stores in Fort Wayne, located at 3958 Illinois Road, will also shutter.

Inside Indiana Business added that Big Lots reported a net loss of $205 million for its first fiscal quarter, showcasing a 10% decline in sales. President and CEO Bruce Thorn noted in a June press release that the future of the brand was in doubt and warned of a “significant likelihood” of being unable to meet its loan terms. As of August 15, 2024, Big Lots stock was trading at $1.04 per share, down nearly 90% from its 52-week high.