Big Lots to Close Stores Amid Survival Concerns
Ohio-Based Retailer Announces Plans to Shutter Up to 40 Locations
Big Lots, the discount retail chain based in Ohio, has announced plans to close between 35 and 40 stores this year. The move follows a challenging financial period for the company and has raised concerns about its long-term viability.
In a filing with the Securities and Exchange Commission (SEC), Big Lots stated that the store closures are part of a "strategic plan to optimize its store portfolio and improve profitability." The company also plans to open three new stores this year.
This announcement adds Big Lots to a growing list of retailers facing bankruptcy risks. In recent months, several major retailers, including Bed Bath & Beyond, Tuesday Morning, and Stein Mart, have filed for Chapter 11 protection.
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