Company Announces Closure Of 35 To 40 Locations

Big Lots Plans to Close Stores Amid Doubt Over Survival

Company Announces Closure of 35 to 40 Locations

Struggling Discount Retailer Faces Financial Troubles

Discount retailer Big Lots has announced plans to close 35 to 40 stores this year, raising concerns about the company's financial health. The closures come as the company grapples with ongoing challenges, including rising costs and declining sales.

In a recent statement, Big Lots CEO Bruce Thorn said, "While we have made progress in improving our financial performance, we are still facing significant headwinds. These store closures are a necessary step to reduce our costs and improve our profitability."

The closures represent a significant portion of Big Lots' store base. The company currently operates over 1,400 stores in the United States. Big Lots has already closed at least 50 stores in 2023, and the latest round of closures will bring that number to over 90.

Analysts have expressed skepticism about Big Lots' ability to survive. The company's sales have been declining for several years, and it has consistently reported losses. In addition, the retail landscape is becoming increasingly competitive, with discount chains such as Dollar General and Five Below gaining market share.

Big Lots' stock price has plummeted in recent months, reflecting investor concern about the company's future. The stock is currently trading at around $5 per share, down from a high of over $50 per share in 2018.