Big Lots, the Columbus, Ohio-based discount retailer, is facing significant financial challenges, leading to the closure of more than 300 stores nationwide.
According to a recent filing with the U.S. Securities & Exchange Commission, the retailer could close up to 315 locations, a drastic increase from the 150 closures announced just two months ago.
This decision reflects the company’s ongoing efforts to stabilize its finances amid a 10% decline in sales during the first quarter of 2024.
The closures will affect several stores in Illinois and Indiana, leaving communities without their local Big Lots. These closures mark a critical moment for the retailer, which once thrived as a go-to destination for affordable home goods and essentials.
With just under 1,400 stores remaining, Big Lots is navigating a challenging retail landscape, struggling to regain its footing.
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As the company contends with changing consumer behavior and increasing competition, the store closures highlight the broader difficulties facing brick-and-mortar retailers nationwide.
