Major discount retailer Big Lots is closing stores and might file for bankruptcy, according to multiple reports.
The company cited inflation and decreases in consumer spending as reasons for the store closures slated for this year.
Big Lots is slated to close 35-40 stores in 2024, according to The New York Post.
Although financial documents from the discount retailer showed the company planned to open three new stores in 2024, there is currently no timeline as to where those stores will open.
Big Lots raised “substantial doubt” about its ability to operate as a company, according to the filing, leaving open the possibility of bankruptcy for the retailer.
Big Lots is not the first retailer to close a large footprint of its stores as brick-and-mortar stores find themselves in a bind.
Rite Aid, Red Lobster and Walmart have all announced closures in 2024, with some even going as far as filing for bankruptcy.
More Major Retailer Closings
- Is another major restaurant chain abruptly closing locations?
- Red Lobster abruptly shutters more than 80 U.S. restaurants, including 4 in N.J.: See the full list
- Applebee’s closing 35 locations across the U.S. in 2024
- Walmart closings 2024: See the full list
- Rite Aid shutters more than 520 stores since filing for bankruptcy
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Katherine Rodriguez can be reached at krodriguez@njadvancemedia.com. Have a tip? Tell us at nj.com/tips.