Big Lots is a publicly traded company, and with 74.76% of shares, Institutional investors hold the majority of the ownership of Big Lots.
Big Lots announced that it will close down six stores, including three in California and four in Colorado.
Big Lots is closing stores because they want to move from urban areas to small towns. This is because in small towns, Big Lots faces less competition & enjoy reduced operating cost, which leads to increased profits.
Big Lots saw an 11.3% reduction in revenue as it made only $5.01 Billion as compared to the revenue of $5.65 Billion in 2022
In spite of closing a few Big Lots stores, there are approximately 1,400 Big Lots outlets that are still open in the United States.
In an interview in 2022, Ramsden said, “The closures this year will end up being somewhat higher than the openings.” He also confirmed that the new store openings would be done slowly in 2023, and the strategy would be targeted toward the rural market.