Retailers have been struggling in recent months due to market issues that have forced some of them to the brink of bankruptcy.
Big Lots is one of the retailers facing trouble. The retailer caters to shoppers looking for discounts on furniture, home decor, and more. It has announced plans to close dozens of stores.
Although Big Lots can help you save money shopping, that might be more difficult if your local store is closing soon. Here’s what you need to know if you are concerned about your local Big Lots location.
Earn cash back on everyday purchases with this rare account
Want to earn cash back on your everyday purchases without using a credit card? With the Discover®️ Cashback Debit Checking account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!1
With no credit check to apply and no monthly fees to worry about, you can earn nearly passive income on purchases you’re making anyway — up to an extra $360 a year!
This rare checking account has other great perks too, like access to your paycheck up to 2 days early with Early Pay, no minimum deposit or monthly balance requirements, over 60K fee-free ATMs, and the ability to add cash to your account at Walmart stores nationwide.
Don’t leave money on the table — it only takes minutes to apply and it won’t impact your credit score.
Apply for a Discover Cashback Checking account today
Why is Big Lots having issues?
![big lots store exterior](https://cdn.financebuzz.com/filters:quality(75)/images/2024/07/29/big-lots-store-exterior-adobe.jpg)
Home goods stores like Big Lots have struggled in recent years as inflation has raised costs, forcing consumers to cut back on some of their spending.
Big Lots says inflation has impacted consumers’ buying power, putting a damper on sales at its locations. If you are trying to keep more cash in your wallet these days, you probably can relate to why other shoppers are reluctant to spend.
How much is Big Lots struggling?
![smartphone with big lots logo](https://cdn.financebuzz.com/filters:quality(75)/images/2024/07/29/smartphone-with-big-lots-logo-adobe.jpg)
In a filing with the U.S. Securities and Exchange Commission, Big Lots announced that its sales dropped from the first quarter of 2023 to the first quarter of 2024.
The drop in sales caused Big Lots to reevaluate some of its locations as a cost-saving measure. The retailer says it will close dozens of locations this year.
Is this a trend for Big Lots?
![big lots storefront in manassas](https://cdn.financebuzz.com/filters:quality(75)/images/2024/07/29/big-lots-storefront-in-manassas-adobe.jpg)
This isn’t the first time Big Lots has closed some of its locations. Last year, the company shut down 52 stores across the country.
Get a protection plan on all your appliances
Did you know if your air conditioner stops working, your homeowner’s insurance won’t cover it? Same with plumbing, electrical issues, appliances, and more.
Whether or not you’re a new homeowner, a home warranty from Choice Home Warranty could pick up the slack where insurance falls short and protect you against surprise expenses. If a covered system in your home breaks, you can call their hotline 24/7 to get it repaired.
For a limited time, you can get your first month free with a Single Payment home warranty plan.
Where is Big Lots closing stores?
![big lots storefront](https://cdn.financebuzz.com/filters:quality(75)/images/2024/07/29/big-lots-storefront-adobe.jpg)
Big Lots hasn’t released an official list of store locations that are shutting down, but you may be able to find out more by going to the retailer’s website and searching for your local store.
Some stores on the Big Lots website have banners at the top of their store pages announcing store-closing sales with discounts of up to 20%.
Which states are part of the Big Lots closures?
![big lots parking lot](https://cdn.financebuzz.com/filters:quality(75)/images/2024/07/29/big-lots-parking-lot-adobe.jpg)
Media outlets have started to sift through the Big Lots website to find locations that are closing.
The stores that appear to be impacted are located in 27 states, with Arizona, California, Florida, Washington, and Wisconsin being hit the hardest.
Is Big Lots in danger of going out of business?
![big lots store in manassas](https://cdn.financebuzz.com/filters:quality(75)/images/2024/07/29/big-lots-store-in-manassas-adobe.jpg)
Big Lots hasn’t declared bankruptcy or that it’s going out of business, so the company could still survive.
But Big Lots is among many other retailers that are struggling. Time will tell how the future unfolds for Big Lots.
Which other retailers have struggled recently?
![store closing signs](https://cdn.financebuzz.com/filters:quality(75)/images/2024/07/29/store-closing-signs-adobe.jpg)
Many retailers have struggled in recent months due to inflation and a lack of spending by consumers, which has hit companies’ bottom lines.
Walgreens and Rite Aid have shuttered pharmacies in multiple states, while clothing retailers Express and rue21 shut down stores this year, with rue21 shuttering all its locations as part of a bankruptcy filing.
Bottom line
![south carolina big lots store](https://cdn.financebuzz.com/filters:quality(75)/images/2024/01/05/charleston-south-carolina-big-lots-store.jpeg)
It can be difficult to find ways to eliminate some money stress when you shop, especially when local discount shops like Big Lots close their doors.
However, there are still ways to stay ahead financially. For example, it’s a good idea to comparison shop so you can find the best deals and keep some cash in your pocket.
Also, consider using rewards credit cards that can help you earn extra points and perks when you shop.
Lucrative, Flat-Rate Cash Rewards
FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.
Wells Fargo Active Cash® Card
Current Offer
$200 cash rewards bonus after spending $500 in purchases in the first 3 months
Annual Fee
$0
Rewards Rate
Earn unlimited 2% cash rewards on purchases
Benefits
- Low spend threshold for its welcome offer — $200 cash rewards bonus after spending $500 in purchases in the first 3 months
- Cell phone protection benefit (subject to a $25 deductible)
- Can redeem rewards at an ATM for literal cash
Drawbacks
- Foreign transaction fee of 3%
- No bonus categories
- Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 20.24%, 25.24%, or 29.99% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don’t expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.