Big Lots Faces Financial Crisis with Up to 40 Store Closures

The discount retailer cites significant losses and reduced consumer spending as it considers bankruptcy.

Big Lots plans to close 35-40 stores in 2024 due to financial difficulties.
The company reported a net loss of $205 million in the last quarter.
CEO Bruce Thorn attributes declining sales to a pullback in consumer spending on high-ticket items.
Big Lots' stock has dropped 84% over the past year.
Other major retailers like Macy's and Walgreens have also announced closures this year.