Big Lots to Close Stores Amid Bankruptcy Concerns

Discount Retailer Struggles with Elevated Costs

35 to 40 Locations Slated for Closure

Discount retailer Big Lots has announced plans to close between 35 and 40 stores this year, amid concerns about the company's financial stability. In its filing with the Securities and Exchange Commission, Big Lots stated that these closures are part of a larger effort to streamline operations and reduce costs.

The closures come as Big Lots faces increasing competition from online retailers and other discount chains. The company has also been struggling with elevated supply chain and labor costs, which have impacted its profitability.

While Big Lots plans to open three new stores this year, the closures represent a significant downsizing for the company. The closures will affect locations across the United States, with New Jersey being particularly hard-hit with 27 stores slated to close.

The news of the store closures has raised doubts about Big Lots' long-term viability. The company has been struggling financially for several years, and the closures are seen as a sign that the company may be at risk of bankruptcy.

Big Lots has not yet announced which specific stores will be closed. However, the company has stated that it will provide more information in the coming weeks.