Big Lots to Close Dozens of Stores Amid Financial Woes

Discount Retailer Faces Bankruptcy Concerns

Up to 40 Locations Set to Shut Down in 2024

Discount retailer Big Lots has announced plans to close between 35 and 40 stores this year as it grapples with financial challenges and bankruptcy concerns. The company's decision comes after a recent filing with the Securities and Exchange Commission (SEC) revealed plans to shutter up to 40 locations while opening just three new stores.

Big Lots has been facing declining sales and rising costs in recent years. The company's financial situation has been further exacerbated by supply chain disruptions and the ongoing COVID-19 pandemic. Industry experts believe that the store closures are an attempt by Big Lots to cut costs and improve its financial performance.

The closures will impact stores across the United States, with New Jersey being particularly hard hit. The company has 27 locations in the state, and several of them are expected to be closed. The specific locations of the stores set to close have not yet been announced.

The store closures will result in job losses for many employees. Big Lots has not disclosed the number of employees who will be affected, but it is expected to be significant. The closures will also leave many communities without a convenient option for discount shopping.

Big Lots' decision to close dozens of stores is a sign of the challenges facing the retail industry in the current economic climate. The company's financial struggles underscore the need for businesses to adapt to changing consumer preferences and economic conditions.