Big Lots to Close Stores, Facing Bankruptcy Concerns

Company Plans to Shutter 35-40 Locations Amid Financial Struggles

Discount retailer Big Lots has announced plans to close 35-40 stores this year, raising concerns about the company's financial viability. The move comes as the company faces declining sales and increased competition from online retailers.

Store Closures Join Growing List of Retail Bankruptcies

Big Lots is just one of several retailers that have announced store closures in recent months. Other notable companies that have filed for bankruptcy or closed stores include Bed Bath & Beyond, Tuesday Morning, and Pier 1 Imports.

Expansion Plans Despite Closures

Despite the planned store closures, Big Lots plans to open three new stores this year. However, these openings will not fully offset the number of closings, resulting in a net loss of stores for the company.

Filing Reveals Financial Challenges

The company made the announcement in a recent Securities and Exchange Commission filing. The filing reveals that Big Lots has been struggling with declining sales and profitability. As a result, the company has taken on significant debt and is facing pressure from creditors.

Future Uncertain for Big Lots

The planned store closures and financial struggles have raised concerns about the future of Big Lots. Analysts say that the company may be at risk of bankruptcy if it is unable to improve its financial performance.