Big Lots Closure Spree: 35-40 Stores to Shutter Amid Survival Concerns

Financial Struggles and Market Challenges

Big Lots, the discount retailer, announced plans to close 35 to 40 stores this year, raising concerns about the company's long-term viability. This announcement comes amidst a challenging retail landscape characterized by changing consumer spending habits and intense competition.

Store Closures and Openings

While Big Lots plans to shutter a significant number of stores, it also intends to open three new locations. This move reflects the company's strategy to optimize its store portfolio by closing underperforming stores and investing in more profitable locations.

Growing List of At-Risk Retailers

Big Lots joins a growing list of retailers facing bankruptcy risks. In recent months, several other major retailers have announced store closures and financial struggles, highlighting the challenges facing the industry.

Shrinking Footprint and Spending Retreat

The planned store closures by Big Lots will reduce its brick-and-mortar footprint from 1392 stores at the beginning of 2024 to a smaller number by the end of the year. This move suggests a retreat in spending by consumers, driven by factors such as inflation and economic uncertainty.