Big Lots, a popular discount retail chain, announced its 126 Boston St., Lynn, location will remain open despite previous plans to close the store by 2025
“The decision is part of the company’s ongoing restructuring process aimed at enhancing customer experience and refining its market presence,” the company said in a release.
The store will host a grand re-opening promotion featuring a 20% discount for BIG Rewards members redeemable at the Lynn store for the next two weeks. In addition, there will be increased closeout offerings and bargains on furniture, decor and more.
The company announced in June it would close 40 stores nationwide, amid bankruptcy speculation.
By August, the number of scheduled closures quickly jumped to nearly 300, including 18 in New England — five of which were in Massachusetts.
Big Lots filed for bankruptcy in September, months after releasing its Quarter 1 Security and Exchange Commission report that revealed financial strain.
From the first quarter of 2023 to this year’s first quarter, the company’s net sales decreased 10.2% — a $114.5 million decline, according to its first quarter Security and Exchange Commission filings.
The company’s long-term debt increased by $72.2 million from Q1 2023 to Q1 2024 — racking up a total of $573.8 million in long-term debt.
“We experienced decreased comps and net sales in all of our merchandise categories,” the company reported in May.
“Our home products categories … continue to be negatively impacted by macroeconomic pressures affecting our customers’ discretionary spending.”
In recent months, the number of Big Lots closures has continued to grow, with two Massachusetts locations added to the list last month — the Boston St., Lynn location being one of them.
Now that Lynn has been removed from that list, the six Massachusetts locations still slated for closure by 2025 are:
