Big Lots plans to close up to 40 stores in 2024 due to financial struggles from inflation and decreased consumer spending, raising doubts about its future operations.
Big Lots, a prominent discount retailer, has announced plans to close up to 40 stores this year. The Ohio-based company – which has around 1,400 stores nationwide – disclosed dismal fiscal reports in a June SEC filing, attributing the closures to ongoing inflation and a decline in consumer spending.Big Lots’ financial struggles have been exacerbated by inflation, which has significantly impacted consumer purchasing power.
These documents suggest that bankruptcy may be on the horizon if the retailer cannot stabilize its financial situation.Despite the planned closures, Big Lots had initially announced intentions to open three new stores in 2024. However, there is currently no information on when or where these new stores will be established.Big Lots is not alone in facing these challenges.
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