Big Lots closing up to 40 stores, may declare bankruptcy
Discount retail chain Big Lots said it will close up to 40 stores this year and may declare bankruptcy.
The Columbus, Ohio-based company wrote in a quarterly Securities and Exchange Commission filing it expected further operating losses and has “substantial doubt” it can continue as a functioning business.
Big Lots last month reported a net loss of $205 million in the quarter ending May 4, 2024. At the time, president and CEO Bruce Thorn said the company’s sales were slumping “due largely to a continued pullback in consumer spending by our core customers, particularly in high ticket discretionary items.”
Big Lots’ stock price has dipped 84% since this time last year.
The company operates more than 1,300 stores in 48 states — including 64 in New York State and 27 in New Jersey — but has not disclosed which stores will be shuttered. The SEC filing also offered no timeline on the opening of three new Big Lots stores previously announced.
Other chains have announced significant closures already this year, including Macy’s, Walgreens and Red Lobster.