Milford Among 3 Connecticut Big Lots Stores Closing

MILFORD, CT — Milford is on the list as Big Lots officials identified three Connecticut stores designated for closure amid a cloudy earnings outlook.

The closures were announced individually on the chain’s Connecticut store locator function on the company web site. They come on the heels of an earnings statement that mentioned a decline in net sales and a possible credit snafu.

The three stores to be shuttered are:

• Manchester on Pleasant Valley Road
• Milford on Turnpike Square
• Waterford on Boston Post Road

The move leaves the chain with 13 stores in the state:

• Bristol
• Derby
• East Hartford
• East Haven
• Middletown
• New Milford
• Newington
• North Haven
• Norwich
• Torrington
• Wallingford
• Waterbury
• Windsor

Prior to the closure announcement, Big Lots had more than 1,400 stores nationwide.

About two weeks ago, in a filing with the federal Securities and Exchange Commission, Big Lots officials divulged plans to close as many as 40 of its 1,392 stores nationwide and the discount retailer warned in a regulatory report that it has “substantial doubts” it can continue as a functioning business.

It did not immediately name the stores and they then appeared on the website.

In the SEC filing, company officials said there is a “significant likelihood” that Big Lots won’t be able to meet the terms of a credit agreement. Big Lots last month reported a net loss of $205 million for the first quarter of fiscal 2024.

“We missed our sales goals due largely to a continued pullback in consumer spending by our core customers, particularly in high ticket discretionary items,” Big Lots President and CEO Bruce Thorn said.