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Big Lots Announces Possible Closure of Up to 40 Stores Amid Financial Struggles

DOTHAN, Ala (WDNews) – Big Lots expects to close between 35 and 40 stores this year, as revealed in a recent U.S. Securities & Exchange Commission (SEC) filing. The company cited inflation and economic pressures as major challenges.

Currently, Big Lots operates nearly 1,400 stores nationwide. However, the specific locations of the potential closures have not been disclosed, and the company did not respond to requests for more information. Despite the closures, Big Lots plans to open three new stores.

In the first quarter of 2024, the company reported $1 billion in sales, marking a 10.2% decrease from the same period last year. President and CEO Bruce Thorn attributed the drop to reduced consumer spending, especially on high-ticket discretionary items. Thorn emphasized their focus on navigating the economic cycle by managing controllable factors and driving positive sales growth into 2025 through strategic actions.