Big Lots to Close 40 Stores as Bankruptcy Fears Rise

Struggling Discount Retailer Announces Closures Amidst Financial Woes

Columbus, Ohio

Discount retailer Big Lots announced its plans to close 35 to 40 stores this year, the latest sign of the company's financial struggles. The Ohio-based chain attributed the closures to declining revenue and a drop in net sales.

The closures come after Big Lots reported a loss of $114 million in its most recent quarter. The company had been struggling to compete with larger retailers and online marketplaces, and its financial situation has been deteriorating for several years.

Big Lots is just one of many retailers that are facing bankruptcy fears. In recent months, a number of retailers have filed for bankruptcy, including Bed Bath & Beyond and Pier 1 Imports. Experts say that the rise of online shopping and the changing consumer landscape are putting pressure on traditional brick-and-mortar stores.

The closures will have a significant impact on Big Lots employees and customers. The company has not yet announced which stores will be closed, but it said that the closures will take place throughout the year.