Big Lots Set to Close 35-40 Stores in 2024

Amid Growing Concerns About Company's Future

Retailer Continues to Struggle as Bankruptcy Rumors Swirl

In a move that has raised concerns about the company's long-term viability, Big Lots has announced plans to close 35 to 40 stores this year. The closures come on the heels of a difficult 2023, during which the discount retailer closed roughly 50 stores and kicked off 2024 with even more closures.

Specific locations of the stores to be closed have not yet been identified, but the move is part of a larger effort by Big Lots to reduce its brick-and-mortar footprint. The company has been struggling in recent years, facing intense competition from online retailers and other discount chains. The closures come as bankruptcy rumors continue to swirl around Big Lots, with analysts expressing doubts about the company's ability to survive.

Despite the closures, Big Lots plans to open three new stores this year. However, this modest expansion is unlikely to offset the loss of revenue from the closed stores. The company has not disclosed the financial impact of the closures, but it is expected to be significant.