Discount retailer Big Lots is facing financial difficulties as it plans to close as many as 40 stores this year. The company cited inflationary pressures and a decline in consumer spending as reasons for the closures. In June, SEC filings revealed that between 35-40 stores would be shuttered, after 52 were closed in the previous year. The filings even hinted at the possibility of bankruptcy for the chain.
Although Big Lots has not released a full list of stores that will be closing, there are some locations, such as the one in Troy, Alabama, already marked for going out of business sales on the company’s website. Reports suggest that there are currently 89 Big Lots stores across 27 states with closure notices on their web pages, nearly double the number announced by the company. These locations span from Arizona to Wisconsin, and even include as many as six stores in California.
Big Lots remains optimistic, stating that they have implemented plans to reduce costs, improve sales, and enhance financial flexibility and liquidity. However, the uncertain financial situation has raised doubts about the company’s ability to continue as a going concern. Customers interested in potential store closures can find a city-by-city list on the company’s website.
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