Big Lots to Close Stores Amidst Retail Struggles
Discount Retail Giant Plans to Shutter 35-40 Locations
Mass Closures Reflect Industry-Wide Challenges
Ohio-based retail chain Big Lots has announced plans to close 35-40 store locations across the country, adding to the growing list of struggling retailers facing financial challenges. The closures underscore the broader distress facing the discount retail sector this year.
Big Lots, known for its low prices and variety of merchandise, is not alone in its plight. Other discount retailers have also experienced significant setbacks, including Bed Bath & Beyond and Tuesday Morning. The closures reflect the changing consumer landscape, with shoppers increasingly turning to online retailers and facing rising inflation.
Despite planned store closures, Big Lots plans to open three new locations in 2024. However, the addition of new stores is significantly overshadowed by the planned closures, indicating the company's ongoing efforts to streamline its operations and reduce costs.
The closures come as Big Lots reported a decline in its store count from 1,425 in the first quarter of last year to 1,329 at the start of this year. The company's financial struggles have prompted speculation about the possibility of bankruptcy.
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