Big Lots Closes Dozens of Stores as Bankruptcy Looms

Ohio-Based Retailer Plans to Shutter Up to 40 Locations

Company Citing Financial Struggles, Elevated Costs

Columbus-based discount retailer Big Lots is closing between 35 and 40 stores this year as it mulls bankruptcy. The company announced the closures in an SEC filing, citing elevated costs and financial struggles.

The closures are part of a larger trend of retail bankruptcies in recent years. As e-commerce continues to grow, traditional brick-and-mortar stores have struggled to compete. Big Lots is the latest in a growing list of retailers at risk of bankruptcy.

The company had planned to open three stores in the past year, but now plans to close between 35 and 40. The closures will affect stores in 23 states.

Big Lots has been struggling financially for several years. The company's sales have declined in recent quarters, and it has posted losses in each of the past three years.

The company's potential bankruptcy was first reported by The Wall Street Journal. Big Lots did not immediately respond to a request for comment.