Cheyenne’s Big Lots store to close as discount retailer struggles for survival

CASPER, Wyo. – One of two Big Lots stores in Wyoming will close in the near future.

According to Big Lots’s website, the Cheyenne store on 3501 East Lincolnway is slated for closure, with a banner on the page announcing a 20 percent-off sale. No closing date was given.

Casper’s store at 2141 East 12th Street is so far not included in the company’s closure plans, which according to USA Today will include up to 315 stores nationwide. That number is significantly higher than the company indicated in early July, when it first filed plans with the Securities and Exchange Commission to close stores in an effort to reduce losses. The company says it currently has 1,392 operating stores, down from 1,425 in early 2023.

According to its original filing with the SEC, the company said it had “substantial doubt” about its ability to continue operating, meaning that a possible bankruptcy filing could be in the works.

In its news release in July, Big Lots pinned their struggles on inflation. However, analysts who talked with industry publication Modern Retail said the company’s strategies – such as focusing more on furniture when that segment suffered declines – likely played a larger part.

“Big Lots isn’t expensive per se, but when you look at a lot of the things it sells, you can actually get very similar products, if not better products, cheaper at places like Walmart and Target,” managing director of GlobalData Retail told Modern Retail. Other similar discount retailers such as HomeGoods saw recent sales increases, they said.

Big Lots is based in Columbus, Ohio, and says it is one of the largest discount retailers in the U.S. with stores in 48 states, according to its website.