Big Lots Announces Store Closures Amidst Financial Struggles

Net Losses and Cash Reserve Depletion

Big Lots, a discount retailer, has faced significant financial challenges in recent years, resulting in net losses and the depletion of its cash reserves. In 2022, 2023, and the first quarter of 2024, the company has accumulated substantial losses.

Store Closures and Store Count Decline

Amidst these financial struggles, Big Lots has announced plans to close 35 to 40 stores across the United States this year. The company currently operates 1329 stores, a significant decline from 1425 stores reported in the first quarter of 2023.

In its financial filing, Big Lots attributed the store closures to declining revenue, driven by a drop in net sales. The company's financial situation has raised concerns about its long-term viability and ability to maintain operations.

As a result, Big Lots has planned additional store closures in the coming years. By the end of 2024, it intends to close up to 40 more locations.