Big Lots is the next major US retailer to close dozens of stores as the company considers filing for bankruptcy.
According to a U.S. Securities & Exchange Commission filing from last month, the company plans to close up to 40 of its nearly 1,400 stores across 48 states.
President and CEO of Big Lots Bruce Thorn said that while the company made “substantial progress” on improving their business, the company did not meet their sales goals due to “core customers” tightening their budgets.
Big Lots reported $1 billion in sales during the first quarter of 2024, a 10.2% decrease compared to the same period last year.
At the time of publication it’s unclear which stores will close.
While Big Lots expects to close between 35 and 40 locations, it also intends to open three new stores.
What do you think about more and more retailers shutting their doors? Let us know your thoughts in the comments.
READ MORE:
- If you shop at Dollar Tree, make sure these items never reach your cart
- Target announces plan to change the price of ‘5,000 frequently shopped items’