Big Lots to Close Stores, Raising Bankruptcy Concerns

Ohio-Based Retailer Plans to Shut Down 35 to 40 Locations

Discount Chain Faces Financial Challenges Amidst Industry Turmoil

Big Lots, a discount retailer headquartered in Ohio, has announced plans to close between 35 and 40 stores in 2024. The move comes amid growing concerns about the company's financial stability and the risk of bankruptcy.

In a recent filing with the Securities and Exchange Commission (SEC), Big Lots disclosed its plans to open three new stores while closing up to 40 existing ones. The company attributed the closures to declining sales and profitability in certain locations.

The announcement adds Big Lots to a growing list of retailers facing bankruptcy in recent years. The retail industry has been grappling with challenges such as rising costs, competition from online retailers, and changing consumer preferences.