Big Lots is planning to shutter around 40 stores as the company opens up about their ability to continue.

I've been shopping at Big Lots for as long as I can remember. As a kid, I could spend hours in the toy aisle, and even as a teenager, I spent quite a bit of time thumbing through the DVD and Blu-ray selections. My wife and I still shop at Big Lots on a regular basis today. It's safe to say that it's one of my all-time favorite stores. Need groceries? Done. Kitchenware? Easy. How about some furniture? They've got all kinds of options out on the floor.

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The fact that Big Lots is one of my favorite places to shop makes the company's latest news sting a little harder. According to CBS News, the retailer will close between 35 and 40 stores due to its latest financial struggles. Sales fell over 10% in the first quarter of 2024, and in May 2024, Big Lots reported a net loss of $205 million. Company president and CEO Bruce Thorn attributes the loss to a continued pullback in consumer spending. CBS News reported that the company expects more operating losses in the near future and that there is "substantial doubt" that Big Lots will continue.

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Big Lots currently operates more than 1,300 stores in 48 states. According to the company website, 45 of those stores are located in Indiana, with another 40 located in Kentucky. There has been no word from the company about which stores will be closing. That said, Fox 59 reported that the company's latest U.S. Securities & Exchange Commission (SEC) filing revealed plans to open three new locations. Whether those locations come to fruition or not is yet to be seen. Inflation may yet claim another victim.

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