Big Lots to shut down 35 to 40 stores as retailer expresses 'substantial doubt' over future
Why is Big Lots planning to close up to 40 stores?
Big Lots is planning to close up to 40 stores due to ongoing inflation and a decline in consumer spending, as well as the company's financial struggles. This has led to the retailer needing to reassess its store footprint and consider closures as a result.
What reason did Big Lots cite for potential company failure?
Big Lots cited "elevated inflation" and decreased consumer spending as the reasons for their potential company failure. This has led to a decline in sales and increased debt, raising substantial doubt about the company's ability to continue operations.
How many Big Lots stores were operating at the start of the year?
At the start of the year, Big Lots had 1,329 operating stores, according to a filing with the U.S. Securities and Exchange Commission. This marked a decrease from the 1,425 stores it had in the first quarter of 2023. The filing did not provide a list of the specific locations that will be closed.