Big Lots to Close Between 35 and 40 Stores Amid Bankruptcy Concerns
Amid bankruptcy concerns, discount retailer Big Lots plans to close between 35 and 40 of its 1,400 stores this year.
The company, which has been struggling in recent years, announced the closures in a filing with the Securities and Exchange Commission. The closures will affect stores in 27 New Jersey locations, according to a report by the New York Post. Big Lots said it will also open three new stores this year, but the closures will still result in a net loss of stores.
The closures are part of a larger cost-cutting plan by Big Lots, which has been facing declining sales and increasing competition from other retailers. The company has also been struggling with elevated levels of merchandise costs and supply chain disruptions.
In recent months, Big Lots has explored several options to address its financial challenges, including a potential sale or bankruptcy filing. The company has not yet made a final decision on its future, but the store closures are a sign that it is considering all options.
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