Big Lots to close 35 to 40 stores; survival in question
CBSN
Big Lots plans to shutter three times more stores than it will open in 2024, with the discount retailer pointing to a retreat in spending by its bargain-hunting base.
"We currently expect to open three stores and close 35 to 40," the Columbus, Ohio-based retailer stated in a regulatory filing with the Securities and Exchange Commission. The company also said it expects further operating losses and cited "substantial doubt" about its ability to continue as a going concern.
The retailer's distress call came amid other indications that inflation-weary Americans are tightening their belts and spending less, with U.S. economic growth slowing in the first three months of 2024.
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