Big Lots to Close 35 to 40 Stores, Consider Bankruptcy

Financial Filing Reveals Millions in Lost Sales

California Locations Remain Unaffected

Discount retailer Big Lots has announced plans to close 35 to 40 stores this year, sparking concerns about the company's financial stability. The closures come as Big Lots reports significant losses in sales, leading to speculation that the company may file for bankruptcy.

According to a financial filing, Big Lots expects to close between 35 and 40 locations in 2023 while opening only three new stores. The company has not yet released a list of specific store closures, but it confirmed that none of its 109 California locations will be affected.

Big Lots has been struggling in recent years, facing competition from online retailers and other discount chains. The company's sales have declined as shoppers have shifted their spending habits towards online purchases and value-oriented stores.

The store closures and financial difficulties raise questions about the future of Big Lots. The company has stated that it is "taking steps to improve its financial performance and position the company for long-term success." However, it remains unclear whether these measures will be enough to prevent bankruptcy.