Big Lots to Close Up to 40 Stores
Growing List of Retailers at Risk of Bankruptcy
SEC Filing Raises Concerns
Big Lots, the Ohio-based retail chain, is closing stores in 2024, joining a growing list of retailers at risk of bankruptcy. The company announced in a recent SEC filing that it plans to close between 35 and 40 stores this year.
This move comes alongside plans to open only three new stores, indicating a shift in spending by Big Lots' customers. The company has been facing challenges in recent years, including supply chain disruptions and rising costs.
The store closures are part of a larger trend among retailers, as consumers increasingly shift their spending online. Big Lots is one of several companies that have recently announced plans to close stores, including JCPenney, Macy's, and Kohl's.
The SEC filing also raised concerns about Big Lots' long-term viability. The company stated that it may not be able to "continue as a going concern" if it is unable to improve its financial performance.
Big Lots' announcement is a stark reminder of the challenges facing brick-and-mortar retailers in today's market. As consumers continue to embrace e-commerce, many companies are struggling to adapt and survive.
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