Big Lots to Close 35-40 Stores Amid Bankruptcy Concerns

Discount Retailer Faces Market Challenges

Store Closures and Openings Planned

Big Lots, the Ohio-based discount retailer, has announced its plans to close between 35 and 40 stores in 2024. This move comes amid concerns about the company's financial viability and the challenges it faces in the current retail landscape.

In an SEC filing, Big Lots disclosed that it is struggling with rising costs and competition from other retailers, both online and in brick-and-mortar stores. The company also acknowledged that it may consider filing for bankruptcy if it is unable to improve its financial performance.

Despite the planned store closures, Big Lots plans to open three new stores later this year. These openings will largely offset the closures, resulting in a net loss of only a few stores. The company is targeting specific locations for the new stores, hoping to boost sales and offset losses from the closures.

The news of Big Lots' store closures has raised concerns among shoppers and industry analysts. The closures will affect approximately 109 California locations, representing a significant reduction in the company's presence in the state. Big Lots joins a growing list of retailers at risk of bankruptcy, adding to the uncertainty in the industry.