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Big Lots could close 35 to 40 stores this year, may file for bankruptcy

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Posted at 12:37 PM, Jul 10, 2024

Big Lots may have to close up to 40 locations this year as sales have gone due to declining sales.

A regulatory filing with the U.S. Securities and Exchange Commission states the company plans to open 3 stores this year and close 35 to 40.

In that filing, it says that based on current sales there is "substantial doubt" about whether or not the company can continue operating. It may be forced to file for bankruptcy.

In the first quarter of 2024, net sales decreased $114.5 million, or 10.2%

At this time, it has not listed which of its stores will close this year. The Ohio-based company has more than 1,300 stores in 48 states. Maryland has 27 locations.

The company blames the poor sales on the current state of the economy, including elevated inflation, which has adversely impacted the buying power of customers.