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Big Lots Announces Store Closures Amidst Retail Industry Struggles

Discounted Retailer Closing Locations to Address Financial Challenges

Ohio-based Big Lots to Shutter 35-40 Stores in 2024

Columbus, Ohio - Big Lots, Inc., an Ohio-based closeout retailer, has announced plans to close 35-40 store locations nationwide in 2024. This decision reflects the ongoing struggles faced by the retail industry in the current economic climate.

Years of economic instability, coupled with the rise of e-commerce, have put a strain on brick-and-mortar retailers. Big Lots is not the only discount retailer facing financial difficulties. In April 2023, 99 Cents Only Stores filed for bankruptcy. This follows a string of store closures by other major retailers in recent months.

Big Lots' decision to close stores is part of a broader strategy to address its worsening financials. The company has been grappling with declining sales and rising costs, resulting in significant losses in recent quarters. The store closures are intended to reduce operating expenses and improve profitability.

The closings will impact a significant number of stores across the United States. According to the company's filing with the Securities and Exchange Commission, Big Lots plans to open only three new stores in 2024, reflecting a retreat in spending by its budget-conscious customers.

The store closures will result in job losses for employees at the affected locations. Big Lots has not yet announced the specific locations targeted for closure. The company is working to identify alternative employment opportunities for impacted employees within the company wherever possible.

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