Big Lots to Shutter Stores Amid Financial Struggles
Declining Revenue Leads to Closures
Discount retailer Big Lots has announced plans to close 35 to 40 stores in 2024, citing declining revenue and dwindling cash reserves. The company reported net losses in 2022, 2023, and the first quarter of 2024.
Financial Woes Continue
Big Lots has faced financial challenges in recent years, with sales falling due to increased competition and changing consumer habits. The company's cash reserves have also been depleted, leaving it with limited options to address its financial woes.
Store Closures and Future Plans
The store closures will reduce Big Lots' operating stores from 1,392 to 1,329. The company plans to open three new stores, bringing the total number to 1,326 by the end of 2024. However, analysts remain skeptical about the company's ability to survive in the long term.
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