Big Lots cited high interest rates and inflation among the factors that have held back its sales in a statement announcing the Chapter 11 filing. Many of its customers have cut back spending on home decor and other non-essential purchases that make up most of what Big Lots stocks, the company added.
Plenty of shoppers are trimming their budgets , especially for purchases they can live without, like eating out or upgrading their home appliances.
But Big Lots has long marketed itself as a place to find great deals. The company has said that it buys products cheaply from suppliers and other retailers, which enables it to keep prices low. That seems like a model that should be working at a time like this. Big Lots did not respond to a request for comment from Business Insider.
Big Lots has said it will close several stores in the Washington, DC area. This store, located in a strip mall about an hour outside of DC, is one of a few that will remain open.
It definitely wasn't peak planting or grilling season anymore when I visited this store in mid-September.
Big Lots acquires many products from closeouts, which happen when the retailer's suppliers get rid of something at a sizable discount.
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