Discount retailer Big Lots announced plans to close 35 to 40 stores this year as it considers filing for bankruptcy. The company blames “elevated inflation” and reduced consumer spending for its financial troubles.
In a recent disclosure, Big Lots highlighted the ongoing economic challenges in 2024, including high inflation, which has reduced customers’ buying power. The potential bankruptcy was first reported by the New York Post. A spokesperson for Big Lots has not yet provided details on which stores will close.
There are 64 Big Lots stores in New York. This news comes as other chains like Red Lobster, Rite Aid, and Bed Bath & Beyond also face bankruptcy.
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