Business Insider

Big Lots on Verge of Collapse, Plans to Close 35-40 Stores

Discount Retailer Struggling Amid Inflation and Consumer Decline

Bankruptcy Looming as Company Considers Drastic Measures

In a move that has sent shockwaves through the retail industry, discount retailer Big Lots has announced plans to close between 35 and 40 stores this year, fueling speculation that the company may be considering bankruptcy.

Despite plans to open three new stores, Big Lots' decision to shutter a significant number of its existing locations highlights the company's struggles in the face of rising inflation and a decline in consumer spending.

The Ohio-based retail chain, which operates over 1,300 stores across the country, cited these economic challenges as major factors behind its decision. The company has reported a steady decline in its store count, with 1329 operating stores at the start of this year, compared to 1425 in the first quarter of 2023.

While Big Lots did not disclose the specific locations of the stores set to close, industry analysts speculate that they will likely be in areas with low sales volume or high operating costs. The closures are expected to begin in the second half of this year.

The Us Sun