Big Lots to Shutter Up to 40 Stores, Survival in Doubt

Warning Issued to Investors

Struggling Retailer Faces Tough Market Conditions

Big Lots, the discount retailer, announced plans to close 35 to 40 stores this year. The move comes amidst worsening financial performance and a challenging consumer market. Big Lots has warned investors that its survival is uncertain.

The planned closures will far exceed the company's plans to open new stores in 2024. The discount retailer attributes the decision to a decline in consumer spending among its bargain-oriented customer base.

The announcement adds to the growing list of struggling retailers in 2024. Ohio-based Big Lots, which operates over 1,400 stores nationwide, joins other retailers such as Bed Bath & Beyond and Party City in facing financial difficulties.

The company has also warned that it may file for bankruptcy if it is unable to improve its financial performance. The potential closures would impact thousands of employees and further erode the brick-and-mortar retail landscape.