Ohio-based Big Lots to close 35-40 stores this year amid 'substantial doubt' about ability to continue

COLUMBUS, Ohio — Columbus-based Big Lots plans to shutter 35-40 stores this year as the discount retailer struggles to stay afloat. 

In its quarterly report with the Securities and Exchange Commission (SEC), Big Lots stated that "in 2024, we currently expect to open 3 stores and close 35 to 40 stores."

The report did not indicate which stores may be closing.

"Our net losses and use of cash in operating activities in 2022, 2023 and the first quarter of 2024, as well as our current cash and liquidity projections, raise substantial doubt about our ability to continue as a going concern," Big Lots added in its report. 

SUBSCRIBE: Get the day's top headlines sent to your inbox each weekday morning with the free 3News to GO! newsletter

The company states that it had a net loss of $205 million in the first quarter of 2024. 

"We missed our sales goals due largely to a continued pullback in consumer spending by our core customers, particularly in high ticket discretionary items,” stated Big Lots President and CEO Bruce Thorn.

Big Lots currently has 1,392 stores nationwide, including 102 in Ohio. 

More from 3News:

• Rite Aid to close 13 more Ohio stores amid bankruptcy: See the list
• Antonio's restaurant closes permanently at Shoppes at Parma
• Parent company of Saks Fifth Avenue to buy Neiman Marcus for $2.65 billion
• Redbox owner files for Chapter 11 bankruptcy protection

Want to be among the first to know the most important local and national news? The latest sports updates? We've got you covered! You can download the free WKYC app and get the latest updates sent to your phone: Android, Apple.