Discount retail chain Big Lots has announced plans to close up to 40 stores this year and has mentioned the possibility of declaring bankruptcy.
The Columbus, Ohio-based company reported in a quarterly Securities and Exchange Commission filing that it expects further operating losses and has expressed "substantial doubt" it can continue as a functioning business.
Big Lots recently reported a net loss of $205 million in the quarter ending May 4, 2024.
Big Lots last month reported a net loss of $205 million in the quarter ending May 4, 2024. At the time, president and CEO Bruce Thorn said the company’s sales were slumping “due largely to a continued pullback in consumer spending by our core customers, particularly in high ticket discretionary items.”
Big Lots’ stock price has dropped 84% since this time last year.
The company currently operates more than 1,300 stores in 48 states, including 64 in New York and 27 in New Jersey, but has not disclosed which specific stores will be closed.
The SEC filing also revealed that there is no timeline for the opening of three new Big Lots stores that were previously announced.
Other major chains, such as Macy’s, Walgreens, and Red Lobster, have also announced significant closures earlier this year.
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