Big Lots to Close 126 Stores

Columbus, Ohio, Retailer Big Lots announced late yesterday that it will close 85 close-out merchandise stores and 41 furniture stores; this latest announcement comes after Big Lots had already made public plans to close 40 stores this year.

The company will spend up to $28 million to mark down merchandise in an attempt to reduce inventory.

Big Lots has also announced plans to open fewer stores than originally slated for the rest of 2005 and said net new store growth in 2006 should be minimal.