COLUMBUS, Ohio — Columbus-based Big Lots plans to shutter 35-40 stores this year as the discount retailer struggles to stay afloat.
In its quarterly report with the Securities and Exchange Commission (SEC), Big Lots stated that "in 2024, we currently expect to open 3 stores and close 35 to 40 stores."
The report did not indicate which stores may be closing.
"Our net losses and use of cash in operating activities in 2022, 2023 and the first quarter of 2024, as well as our current cash and liquidity projections, raise substantial doubt about our ability to continue as a going concern," Big Lots added in its report.
The company states that it had a net loss of $205 million in the first quarter of 2024.
"We missed our sales goals due largely to a continued pullback in consumer spending by our core customers, particularly in high ticket discretionary items,” stated Big Lots President and CEO Bruce Thorn.
Big Lots currently has 1,392 stores nationwide, including 102 in Ohio.