Big Lots to Close Dozens of Stores in 2024

Discount Retailer Faces Financial Struggles

Ohio-based Big Lots, a discount retailer, has announced plans to close between 35 and 40 stores this year as part of a cost-cutting measure.

The company, which operates over 1,400 stores in 47 states, cited declining sales and rising expenses as reasons for the closures. Big Lots has been struggling financially in recent years, with its stock price plummeting by over 80% since 2016.

The store closures come amid a wave of bankruptcies and store closures in the retail sector. In the past year alone, several major retailers, including Bed Bath & Beyond and Pier 1 Imports, have filed for bankruptcy.

Big Lots has been trying to turn around its business by cutting costs and investing in e-commerce. However, it remains to be seen whether the company can survive the current downturn in the retail sector.