Big Lots Plans to Close Up to 40 Stores This Year

Retailer Announces Closures Amidst Financial Doubts

Company Weighs Long-Term Viability

Big Lots, a popular national discount retailer, has announced plans to close between 35 and 40 stores this year. The announcement was made in a filing to the U.S. Securities and Exchange Commission (SEC).

The closures come amid concerns about the company's financial health. In recent years, Big Lots has faced declining sales and increasing competition from both online and brick-and-mortar retailers. The company has also been criticized for its cluttered stores and poor customer service.

In response to these challenges, Big Lots has been implementing a cost-cutting plan. The store closures are a part of this plan, and the company expects to save approximately $50 million in annual expenses by closing the underperforming stores.

Despite the closures, Big Lots plans to open three new stores during the remainder of the year. The company is also investing in its online business and loyalty program in an effort to boost sales.

However, analysts remain skeptical about Big Lots' long-term viability. The company's financial struggles have been ongoing for several years, and the retail landscape is becoming increasingly competitive. It remains to be seen whether Big Lots can adapt to the changing market and survive.

The store closures are a blow to the communities they serve. Big Lots is spesso one of the only affordable retail options in many rural and low-income areas. The closures will leave a void in these communities and could make it more difficult for residents to afford the necessities of life.