Big Lots to Close Dozens of Stores Amidst Bankruptcy Concerns

Struggling Retailer Plans to Shut Down 35-40 Locations This Year

Ohio-Based Chain May Not Survive Financial Crisis

In a recent SEC filing, discount retailer Big Lots has announced plans to close 35 to 40 stores this year. The Ohio-based chain currently operates over 1390 stores, but the closures will mark a significant reduction in its footprint due to declining sales and increasing debt.

This move joins a growing list of retailers at risk of bankruptcy. In the past year alone, several major retailers have filed for Chapter 11 protection, including Bed Bath & Beyond, J.C. Penney, and Pier 1 Imports. Industry experts attribute these closures to declining foot traffic, increasing online competition, and changing consumer habits.

Big Lots has been struggling financially for some time. In 2022, the company reported a net loss of $183 million. The store closures are part of a larger plan to reduce costs and improve profitability. However, analysts remain skeptical about the company's long-term prospects. Big Lots' stock price has plummeted by over 90% in the past five years, raising doubts about its ability to survive the current retail landscape.

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