Big Lots to Close 35 to 40 Stores Amid Bankruptcy Concerns

Substantial Doubt About Ability to Continue as a Going Concern

Struggling Discount Retailer to Shutter Stores as Sales Decline

COLUMBUS, Ohio, July 5, 2023 /PRNewswire/ -- Big Lots Inc. (BIG) announced today that it will close 35 to 40 stores this year due to worsening financial performance and substantial doubt about its ability to continue as a going concern. The closures are part of a larger restructuring plan to address declining sales and increasing competition in the discount retail sector.

The Ohio-based chain, which operates over 1,400 stores across the United States, has been struggling in recent years as customers shift their shopping habits online and towards other discount retailers. Big Lots has also faced challenges due to its heavy reliance on seasonal merchandise and its large number of brick-and-mortar locations.

The store closures will affect locations in several states, including California, Florida, Ohio, and Pennsylvania. Big Lots plans to close stores that are underperforming and focus on investing in its more profitable locations. The company also announced plans to open three new stores in 2024, bringing its total store count to approximately 1,390.