![Shopping carts are lined up inside the Big Lots Polaris Parkway location on the North Side on Thursday, Sept. 3, 2020. [Adam Cairns/Dispatch]](https://storage.googleapis.com/uploads.mongoosehq.com/url/media/9029692/37d06539e241bbb704e5b45b8745dac8c66cbee657f8e7051cc1e2a1f25f3adb)
8 articles | last updated: Jul 11 15:48:21
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.
People, Places and Things In This Story
- Big Lots Retail chain company
- Ohio US state
- Rite Aid Drugstore chain
- Red Lobster Restaurant chain
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- Business
- Geography
- Economics