Big Lots to Close Dozens of Stores Amid Bankruptcy Concerns

Retailer Plans to Shut Down 35 to 40 Locations This Year

Stores in California, New York, and Other States to Be Impacted

Discount retailer Big Lots announced plans to close 35 to 40 stores this year, raising concerns about the company's financial stability. The Ohio-based chain disclosed in an SEC filing that it may face bankruptcy if it cannot improve its performance.

The closures will affect stores in various states, including California, New York, and Pennsylvania. Big Lots currently operates over 1,400 stores across the United States. The company plans to open three new stores but will close between 35 and 40 locations.

Big Lots is the latest in a growing list of retailers that are struggling amid changing consumer spending habits and the rise of online shopping. Other major chains, such as Bed Bath & Beyond and JCPenney, have also announced store closures in recent months.

The company has been facing challenges, including a decline in sales and increased competition from online retailers. Big Lots has also been criticized for its merchandise selection and customer service. The store closures are expected to result in layoffs and impact the communities where the stores are located.

The move comes as Big Lots faces increasing competition from online retailers and other discount chains. The company has been struggling to keep up with changing consumer spending habits and the rise of e-commerce.