West Plains, MO. – The big discount retailer Big Lots had announced its plan to shut down 40 stores this year due to the company’s battle with worsening financials.
In a filing report made to the U.S. Securities and Exchange Commission, the company stated that it planned to close 35 to 40 stores this year and open three in different locations. The company reported that there were 1,392 operating stores at the start of 2024, which is down from the start of 2023 at 1,425. This store has been struggling with declining sales and rising prices. According to reports, the company has lost about $114.5 million from 2023 to 2024.
Big Lot owners also stated that they had “substantial doubt” about the ability of the company to continue their operations, leading to speculation of potentially filing bankruptcy. Big Lots has not disclosed which locations they will be closing this year.
