Big Lots to Close Up To 40 Stores in 2024 Amid Bankruptcy Concerns

Ohio-Based Retailer Plans to Shutter Stores as Spending Declines

Despite Opening Three New Stores, Big Lots Faces an Uncertain Future

Big Lots, the Ohio-based discount retailer, has announced plans to close between 35 and 40 stores this year, adding to a growing number of retailers facing bankruptcy risks. The company's announcement comes amid concerns about a decline in consumer spending and a challenging economic climate.

In 2024, Big Lots plans to open three new stores, but the company's plans to close significantly more stores raises concerns about its long-term viability. At the start of 2024, Big Lots operated 1,392 stores. The company's SEC filing indicates that it may be facing financial difficulties and could potentially be at risk of bankruptcy.

The closure of Big Lots stores is part of a broader trend in the retail sector, as consumers increasingly shift to online shopping and big-box stores. The company's announcement is likely to have a significant impact on the communities in which its stores are located.