Big Lots to Close 35-40 Stores This Year

Big Lots Facing Bankruptcy Concerns

Discount retailer Big Lots has announced plans to close between 35 and 40 stores this year. The Ohio-based company, known for its extensive selection of closeout and clearance items, has been facing financial difficulties in recent years.

Bankruptcy Looming

In an SEC filing, Big Lots expressed concerns about its ability to survive. The company has seen declining sales and increased competition from online retailers. The store closures are part of a cost-cutting effort to improve financial performance.

More Closures Than Openings

The 35-40 store closures represent a significant downsizing for Big Lots. While the company plans to open three new stores this year, the closures will result in a net loss of 32 to 37 locations.

California Locations Affected

Among the stores closing this year are 109 locations in California. Big Lots has a substantial presence in the state, with a total of 237 stores. The closures will leave a significant gap in the retail landscape for California shoppers.

Financial Struggles Continue

Big Lots has been grappling with financial challenges for several years. The company reported a loss of $497 million in 2022, and its sales have been declining steadily. The store closures are a last-ditch effort to stem the bleeding and avoid bankruptcy.