Big Lots Closing Dozens of Stores as Company Bankruptcy Looms
Ohio-based Retail Chain to Shutter 35-40 Locations
Columbus, Ohio
July 11, 2024 - Big Lots, the Columbus-based discount retailer, has announced plans to close between 35 and 40 stores this year. The announcement comes as the company grapples with elevated costs and declining sales, leading to speculation of a potential bankruptcy filing.
In a recent SEC filing, Big Lots revealed that it is considering bankruptcy as an option. The company had previously planned to open three new stores in the past year but has since reversed course and opted for closures instead.
The potential bankruptcy was first reported by Bloomberg, citing sources familiar with the matter. Big Lots has yet to officially confirm the reports but has acknowledged the possibility of bankruptcy in its SEC filing.
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