Big Lots Stores Closing

Big Lots Faces Financial Challenges: Plans to Close 35-40 Stores

Discounter Battles Worsening Financials and Tough Consumer Market

Discount retailer Big Lots is facing financial challenges and plans to close 35 to 40 stores this year. The company is battling with worsening financials and a tough consumer landscape.

The announcement comes as Big Lots reports declining revenue due to a drop in net sales. The company plans to close these stores to improve profitability and focus on its more productive locations.

Despite the store closures, Big Lots intends to open three new stores this year, bringing its total store count to 1,374. However, the company has plans to close additional stores in 2024, with 35 to 40 closures expected.

The closures will affect stores nationwide, but the exact locations have not yet been disclosed. The company currently operates 14 stores in Oregon, but it is unclear if any of them will be affected by the closures.

Big Lots' financial struggles highlight the challenges facing the retail industry. Consumers are facing inflation and a tight job market, leading to decreased spending on non-essential goods. This has impacted discount retailers like Big Lots, which rely on shoppers seeking bargains.

The store closures are expected to have a negative impact on Big Lots' employees and customers. However, the company hopes that the move will strengthen its financial position and allow it to better serve its customers in the long run.