Big Lots to Close 35 to 40 Stores Amid Bankruptcy Concerns

Ohio-Based Retailer Faces Financial Challenges

Discount retailer Big Lots has announced plans to close 35 to 40 stores in the coming year. The closures come as the company faces financial challenges and ongoing doubts about its long-term survival.

Closure Locations and Future Plans

Specific locations for the store closures have not yet been released. However, the company has stated that it will continue to operate approximately 1,394 stores nationwide.

Despite the closures, Big Lots plans to open three new stores during the remainder of the year. However, the company's decision to close more stores than it opens has raised concerns among investors and analysts.

Bankruptcy Risk

The store closures add Big Lots to the growing list of retailers at risk of bankruptcy. The company has been struggling with declining sales and increased competition from online retailers.

In an SEC filing, Big Lots acknowledged that it "may not be able to continue as a going concern" if it is unable to improve its financial performance and secure additional financing.