Big Lots has announced plans to close 35 to 40 stores this year as it grapples with worsening financial conditions and a challenging consumer market.
The retailer has been dealing with declining sales. The financial disclosure highlighted a significant sales drop of 10.2% from the first quarter of 2023 to the first quarter of 2024, amounting to a loss of approximately $114.5 million.
“We missed our sales goals due largely to a continued pullback in consumer spending by our core customers, particularly in high-ticket discretionary items,” said Big Lots President and CEO Bruce Thorn.
