Big Lots to close Columbus distribution center this fall; 374 workers to lose their jobs
U.S. labor market weakens, stocks plunge
The Labor Department said the unemployment rate jumped to near a three-year high of 4.3% in July as hiring slowed significantly.
Struggling retailer Big Lots is closing a distribution center in Columbus that will put 374 workers out of jobs.
The Columbus-headquartered company told the state this week that the distribution center at 300 Phillipi Road on the West Side will shut down by Oct. 31.
All workers will receive pay and benefits through Nov. 3, the company said.
The closing of the distribution center comes about a month after the retailer said it was closing about 300 stores, nearly a fourth of its total locations. The retailer also has been mulling a bankruptcy filing, according to reports.
Shares of Big Lots closed at 46 cents Thursday. The shares were trading at $70 three years ago.
The retailer is set to report its second quarter financial results Friday morning, when it figures to provide guidance on its performance in coming months.
Analysts are expecting Big Lots to report a loss of $3.46 per share on revenue of about $1 billion.
@BizMarkWilliams
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