Big Lots to Close Over 30 Stores Amid Financial Struggles
Company Faces Doubt Over Viability as Sales Continue to Decline
Ohio-Based Retailer Plans to Shutter Locations by End of 2024
Big Lots, a retail chain based in Ohio, has announced plans to close 35 to 40 stores this year. The move comes amid concerns about the company's financial viability, with a recent SEC filing pointing to declining sales and a list of struggling locations.
The company's decision to close stores is part of a broader effort to reduce expenses and improve profitability. According to Big Lots, the closures will affect underperforming locations that have been contributing to the company's financial struggles.
Despite the store closures, Big Lots plans to open three new stores by the end of the year. However, the company's financial performance remains a concern for investors and analysts, who question whether the closures will be enough to address the company's long-term viability.
The sale and leaseback transaction, which is subject to due diligence, is expected to close within 45 days.
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