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By Ayanna Eckblad

Less than two years after arriving, Big Lots in Albert Lea will be closing its doors. 

Opening in February 2023, the chain furniture and home goods store took up residence in part of the building formerly occupied by Shopko. 

The store put out a “closing” banner and close-out sale signs on the store building last week in addition to listing the closing on the company’s official website. It is unclear the date the doors will close. 

More news began circulating of the store’s closing when pictures of the store’s closing signs appeared on social media. This sparked both disappointment and anxiety amongst residents. 

According to the Columbus Dispatch, Big Lots is closing 35 to 40 of its stores this year amid “substantial doubt” about the company’s ability to continue making a profit due to rising prices and dropping sales. The store had a 10% decline in net sales and a potential loan default, stated in the company’s quarterly report. 

The news organization also reported that, according to the company’s filing, the company acquired a long-term debt increase of $72.2 million, making people speculate on the possibility of bankruptcy in the store’s near future.

The company reported having 1,329 stores open in January 2024. There are two stores in Minnesota, one in Albert Lea and the second in Blaine. 

Representatives from Big Lots at the local and corporate offices declined to comment.