Big Lots to Close 35-40 Stores Amid Bankruptcy Concerns
Discount Retailer Struggling With Elevated Costs
Discount retailer Big Lots is preparing to close between 35 and 40 stores this year, according to a regulatory filing. The company has been struggling with elevated costs and declining sales, leading to concerns about its long-term viability. The store closures represent a significant expansion of Big Lots' previously announced plan to close 25-30 stores, while only opening three.
Company Considering Bankruptcy Filing
The regulatory filing also indicates that Big Lots is considering filing for bankruptcy protection. The company has been facing pressure from creditors and has been negotiating with lenders to restructure its debt. Bankruptcy would allow Big Lots to reorganize its finances and potentially close more stores or sell off assets.
The store closures are expected to impact both corporate-owned and franchised locations across the United States. Big Lots has not yet released a list of the specific stores that will be closed, but it is expected that the closures will focus on underperforming locations.
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