Big Lots to Shutter 35-40 Discount Stores in 2024

Embattled Retailer Downsizes amid Financial Woes

Company Announces Closure of Multiple Locations, Sparks Bankruptcy Concerns

Discount retail giant Big Lots has announced plans to close between 35 and 40 stores this year as part of its ongoing restructuring efforts. The closures come amidst concerns about the company's financial stability and its ability to remain competitive in the evolving retail landscape.

According to a filing with the Securities and Exchange Commission, Big Lots is also planning to open three new stores. However, this expansion plan is overshadowed by the significant number of closures, leaving analysts questioning the company's long-term prospects.

The store closures are part of a broader trend among struggling retailers. In recent months, several other major chains have announced similar plans, including Bed Bath & Beyond, Kohl's, and JCPenney. These closures highlight the challenges facing brick-and-mortar stores as consumers increasingly shift to online shopping.

Big Lots has been facing particular difficulties in recent years. The company's sales have declined steadily, and it has reported losses in several quarters. The closures are seen as an attempt to reduce costs and improve profitability.

However, some analysts are skeptical about whether the closures will be enough to address Big Lots' underlying problems. They point to the company's heavy reliance on in-store purchases and its lack of a strong online presence as major weaknesses.

The store closures are likely to have a significant impact on communities across the country. Big Lots is often the only discount retailer in many rural and suburban areas, providing essential goods for local residents.