COLUMBUS, Ohio — Top 100 retailer Big Lots postponed its scheduled Sept. 6 earnings report by one week on Friday. It is also closing a distribution center in its hometown, according to local reports.
In a release, the Columbus, Ohio-based discounter did not give a reason for the postponement of the release of its second quarter financial results but said it expects to give the report on Sept. 12.
In the meantime, the closings continue. Early Friday morning, TV station WBNS reported that Big Lots will close its West Columbus distribution center no later than Oct. 31. The report says Big Lots filed a notice with the City of Columbus on Sept. 4 but did not provide a reason for closing the distribution center.
According to its website, Big Lots operates a total of five distribution centers. In addition to Columbus, it has operations in Montgomery, Ala.; Durant, Okla.; Tremont, Pa.; and Apple Valley, Calif.
Last month, Bloomberg reported that Big Lots is considering a bankruptcy filing, which it said could come in a manner of weeks.
In a June filing with the SEC, Big Lots indicated that it expected to close 30 to 40 stores in 2024, and it expressed doubts about its ability to continue as an ongoing concern due to a combination of lagging sales and increasing debt load. It recently amended two of its credit agreements and is in the process of closing some 315 of its underperforming stores as it works to battle back to profitability through its Operation Springboard initiative.
On Aug. 12, it authorized retention awards for four of its executives, a move used by companies facing difficult circumstances, as the retention awards offer incentives for executives to remain and help navigate turnaround efforts or potential bankruptcies.