Big Lots Downsizing: 35-40 Stores to Close

Amidst Bankruptcy Concerns, Big Lots Unveils Closure Plans

Ohio-Based Retailer Faces Uncertain Future

Discount retailer Big Lots, headquartered in Ohio, has announced plans to shutter 35 to 40 stores across the nation in 2024. The move comes amid growing concerns about the company's ability to remain financially viable.

According to a recent SEC filing, Big Lots anticipates opening three new stores while closing a significantly larger number. The decision reflects a decline in consumer spending, particularly in the discount retail sector.

The company's financial challenges have been evident for some time, with a noticeable drop in sales and increased debt. The latest store closures are seen as a desperate attempt to reduce expenses and potentially avoid bankruptcy.

Store Closures Impacting Multiple Locations

Big Lots has already disclosed the specific locations of several stores slated for closure in the coming months. Among them are:

• Citrest Heights, California
• Fort Worth, Texas
• Saint Cloud, Florida
• Burlington, New Jersey

Customers in these areas will need to find alternative retail options or make the trek to remaining Big Lots locations.

Growing List of Retailers Facing Bankruptcy

Big Lots joins a growing list of major retailers facing the threat of bankruptcy. The retail industry has been particularly hard hit by economic headwinds and the rise of e-commerce.

Other retailers recently struggling include Bed Bath & Beyond, Party City, and Tuesday Morning. It remains to be seen whether Big Lots can weather the storm and emerge as a survivor.