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The company reported a staggering 10% decrease in sales during the last quarter, resulting in a loss of $25 million. In July, Big Lots announced plans to close 40 stores, a number that escalated to 150 just weeks later. Presently, the company is taking drastic measures by shutting down 315 locations, which equates to around a quarter of its total stores—1,389.
In a recent regulatory filing, Big Lots expressed severe concerns regarding its financial health, revealing a significant likelihood of defaulting on loans. These statements raised substantial doubts about whether the company can sustain its operations moving forward.