Big Lots to Close 35-40 Stores in 2024
Discount Retailer Struggles Amid Bankruptcy Fears
Big Lots, the Ohio-based discount retailer, is planning to shut down 35-40 stores by the end of 2024, joining a growing list of retailers at risk of bankruptcy.
In a recent SEC filing, Big Lots cited declining revenue due to a drop in net sales. The company has been facing challenges in recent years, including increased competition from online retailers and rising inflation.
Despite the closures, Big Lots plans to open three new stores in the remainder of the year. However, the closures are a sign of the company's ongoing struggles. Big Lots has been facing financial difficulties for some time, and there are concerns that the company may not be able to survive.
The closures will impact communities across the country. Big Lots operates over 1,400 stores in 47 states, and the closures will result in job losses and a reduction in retail options for customers.
The news of Big Lots' closures is a reminder of the challenges facing brick-and-mortar retailers in today's market. As online shopping continues to grow, retailers are forced to adapt to changing consumer habits or risk falling behind.
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