Big Lots to Close 35 to 40 Stores This Year

Discount Retailer Struggles Amid Bankruptcy Concerns

Ongoing Store Closures Mark a Growing Trend in Retail

Discount retailer Big Lots has announced plans to close between 35 and 40 stores this year, marking a significant reduction in its brick-and-mortar footprint. The announcement comes amid growing doubts about the company's long-term survival. As of 2024, Big Lots operated 1392 stores nationwide. The closures will leave the retailer with approximately 1350 locations.

In an SEC filing, Big Lots stated that it remains under threat of bankruptcy and that the closures are part of a wider restructuring plan. The company has been struggling with declining sales and increased competition in the retail sector. The rise of online shopping and budget-friendly alternatives have eroded Big Lots' market share, forcing the company to take drastic measures to reduce costs.

The store closures mark a growing trend in the retail industry, where traditional brick-and-mortar stores are facing increasing pressure from online competitors. In recent months, several major retailers have announced store closures, including Macy's, JCPenney, and Bed Bath & Beyond. These closures reflect the changing consumer landscape and the challenges faced by traditional retailers in adapting to the evolving retail environment.

As Big Lots continues to navigate its financial difficulties, the store closures are a stark reminder of the challenges facing the brick-and-mortar retail sector. The company's future remains uncertain, and the closures serve as a warning sign that even well-established retailers are not immune to the disruptive forces transforming the industry.