Big Lots to Close 35-40 Stores Amid Financial Struggles

The discount retailer cites elevated inflation and declining consumer spending as key factors in its potential bankruptcy.

Big Lots reported a 10.2% drop in sales and a net loss of $205 million for Q1 2024.
The company plans to open only three new stores while closing dozens of underperforming locations.
Big Lots operates over 1,300 stores across 48 states, with 102 locations in Ohio alone.
The retailer's long-term debt increased by $72.2 million, raising concerns about its financial stability.
Bankruptcies in the retail sector have surged, with Big Lots potentially joining other chains like Red Lobster and Rite Aid.