Big Lots to Close Stores Amidst Bankruptcy Concerns

Up to 40 Locations Set to Shutter

Company Announces Plans to Close Stores, Open Few New Ones

Big Lots, Inc., an Ohio-based discount retailer, has announced its plans to close between 35 and 40 stores in 2024. This move comes amid concerns about the company's financial health and potential bankruptcy.

In an SEC filing, Big Lots warned that it may not be able to continue as a going concern. The company has been facing declining sales and profits, as well as increased competition from online retailers.

The planned store closures are expected to affect approximately 3-4% of Big Lots' total store base. However, the company emphasized that it intends to continue operating its remaining stores and explore other strategies to improve its financial performance.