Big Lots to shut down 35 to 40 stores as retailer expresses 'substantial doubt' over future

LOS ANGELES (KABC) -- Discount retailer Big Lots plans to shut down 35 to 40 stores this year.

In a filing to the U.S. Securities and Exchange Commission, the retailer said it has "substantial doubt" about the ability of the company to survive amid declining sales and rising prices.

Big Lots reported 1,329 operating stores at the start of the year, down from 1,425 in the first quarter of 2023.

The filing didn't list the locations of the stores that will be closing.

If Big Lots files for bankruptcy, it will join other big names like Red Lobster, Rite Aid and Bed Bath & Beyond.