Big Lots to shutter more than 50 retail locations

Published On Oct 15, 2024, 4:26 PM

Big Lots is set to permanently close over 50 retail locations as part of its Chapter 11 bankruptcy proceedings. This decision comes after a significant decline in sales, with the company reporting a net loss of nearly $238 million in the second quarter. Big Lots aims to sell most of its assets through a court-supervised auction, and it plans to optimize its store fleet to remain competitive despite the closure of these locations. The closures span multiple states, showing a widespread impact on the retailer's presence.