Big box store shopping in New Jersey just got smaller

In an ever ugly and sad trend another big box store announced that they are closing a chunk of their stores and trying to reorganize to stay above drowning in debt.

National discount retailer Big Lots, with close to 1,400 stores nationally including twenty-seven in Monmouth and Ocean counties here in New Jersey, has announced that they are closing up to forty stores nationally and opening three more. Big Lots closed fifty-two stores in 2023 due to inferior performance.

Big Lots has not released a list of the stores that they will be closing. In Monmouth and Ocean Counties the Big Lot stores are in Brick, Barnegat, Middletown, Freehold, Toms River and ocean Township.

Big Lots sells home based items such as furniture, home accessories, pet accessories, décor, and kitchenware.

According to an article in the New York Post, the big retailer had over a 10% decrease in profits for the first quarter 2024 at over$110 million compared to the first quarter of 2023. Big Lots stock has dropped a whopping 52% in the last month and is down 84% year to date from 2023! Ouch!

In Big Lots papers filed with The Security & Exchange Commission, included the threat and likelihood of bankruptcy at the forefront of the filing incase Big Lots needs to file bankruptcy protection.

The trend of closing these big box stores continues with Walgreens announcing that they are closing 2,000 stores this year nationally, CVS, Rite Aid have also had closures, Walmart, Red Lobster, Macy’s, and Foot Locker all will have or are planning to close stores in 2024.

Unfortunately for those that like to wander up and down the aisles of your favorite store, those days may be coming to an end with you spending more time online going product to product.

The post above reflects the thoughts and observations of New Jersey 101.5 weekend host Big Joe Henry. Any opinions expressed are Big Joe’s own.

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