Big Lots to close up to 40 stores in 2024. What to know in Tennessee

• Big Lots is closing between 35 and 40 stores this year.
• The company has not released a list of which stores it will be closing.
• Big Lots, founded in 1967, has over 1,300 stores across the country.

The story has been updated to include the correct number and locations of Big Lots stores in Tennessee.

Discounter retailer Big Lots is closing between 35 and 40 stores this year as it mulls a bankruptcy, citing “elevated inflation” and decreases in consumer spending, the company said in a recent regulatory filing.

The superstore sells products for homes, including furniture, décor, pantry essentials, kitchenware, and pet supplies. While the company has not released a list of which stores it will be closing, locations in the Carolinas, Indiana and Arizona have since announced closures.

Are any Tennessee Big Lots locations closing in Tennessee?

No store closures have been announced in Tennessee as of Wednesday, July 24.

How many Big Lots locations are in Tennessee?

There are 47 stores in Tennessee, spread throughout the state, with stores in cities and towns like Knoxville, Chattanooga, Bristol and Kingsport. Here is a list of where they are in the state.

• Alcoa
• Athens
• Bristol
• Two stores in Chattanooga
• Clarksville
• Cleveland
• Clinton
• Columbia
• Cookeville
• Covington
• Crossville
• Dickson
• Dyersburg
• Elizabethton
• Franklin
• Gallatin
• Greeneville
• Hermitage
• Jacksboro
• Jackson
• Jefferson City
• Johnson City
• Kingsport
• Three stores in Knoxville
• Lawrenceburg
• Lebanon
• Lenoir City
• Madison
• McMinnville
• Three stores in Memphis
• Millington
• Morristown
• Murfreesboro
• Nashville
• Oak Ridge
• Rockwood
• Rogersville
• Sevierville
• Smyrna
• Springfield
• Tullahoma
• Union City

Why is Big Lots closing stores?

In the first quarter ending May 4, Big Lots said net sales decreased to $1 billion, a 10.2% drop from $1.1 billion for the same period last year, blaming a "continued pullback in consumer spending by our core customers."

According to the filing, net sales dropped 10% in the first quarter of this year compared to 2023 and long-term debt increased by $72.2 million. Bankruptcy may also be in the company's future, as it reported it may not be able to comply with its credit agreement over the next year "which raises substantial doubt about the company's ability to continue as a going concern."

The company said "elevated inflation" in the U.S. economy has hurt customers' ability to purchase goods.

Shares of the closeout and discount retailer, which rocketed from about $13 per share at their pandemic low in March 2020 to $72 in June 2021, now can be had for $1.11 as of mid Wednesday. Shares have fallen 86% this year.

Because of its financial struggles, Big Lots last year suspended its dividend and said it will sell its headquarters in Columbus and lease it back.

Big Lots, founded in 1967, has over 1,300 stores across the country. The company is headquartered in Columbus, Ohio.

USA TODAY NETWORK properties The Intelligencer and Columbus Dispatch contributed to this story.

Areena Arora, data and investigative reporter for Knox News, can be reached by email at areena.arora@knoxnews.com. Follow her on X @AreenaArora and on Instagram @areena_news.