Company To Close Approximately 40 Stores

Big Lots Files for Chapter 11 Bankruptcy

Company to Close Approximately 40 Stores

Big Lots, a prominent discount retailer, has filed for Chapter 11 bankruptcy protection and announced plans to close up to 40 stores this year. The company, which operates over 1,400 stores in 47 states, has been struggling in recent months due to declining sales and increased competition from other discount retailers.

Announcement Made in SEC Filing

The announcement was made in a recent filing with the U.S. Securities and Exchange Commission (SEC). According to the filing, Big Lots plans to close between 35 and 40 stores this year, with the closures expected to begin in September. The company also plans to open three new stores, for a net reduction of approximately 40 locations.