Big Lots Announces Expansion into Germany

Store closures in the US to fund international growth

Bargain retailer to open 100 new locations across Germany in the next three years

Discount home goods retailer Big Lots (BIG) has announced plans to close more store locations in the US this year and use the funds to expand into the German market. The company says that elevated inflation is putting a strain on its business, and that it needs to reduce its footprint in order to remain competitive.

Big Lots plans to close 200 stores in the US in 2023, which is three times more than the number of stores it will open. The company will also lay off 1,000 employees as part of the restructuring.

The closures will leave Big Lots with about 1,400 stores in the US. The company says that it will focus on opening new stores in more affluent areas, and that it will also continue to invest in its e-commerce business.

Big Lots' expansion into Germany is a bold move, but it is one that could pay off in the long run. Germany is a large and wealthy country with a strong economy. If Big Lots can establish a foothold in the German market, it could become a major player in the European retail sector.