Discount retailer Big Lots plans to shutter more than 300 stores

Core Viewpoint - Big Lots is facing significant financial challenges, leading to plans to close up to 315 stores across nearly three dozen states due to high inflation impacting customer purchasing power [1][5]. Group 1: Store Closures - The company initially planned to close up to 150 stores, but this number has now doubled to potentially 315 stores due to ongoing financial difficulties [2]. - Big Lots has identified 293 specific locations for closure, with the highest numbers in California (73), Arizona (21), Washington State (18), Florida (25), and Ohio (8) [5]. Group 2: Financial Performance - Big Lots reported a 10% decline in first-quarter sales compared to the previous year [4]. - The company's long-term debt has increased by $72.2 million, raising concerns about its ability to repay creditors and continue operations [4][5]. Group 3: Economic Environment - The company cited "elevated inflation" as a key factor negatively affecting customer shopping behavior [5]. - The broader retail environment is challenging, with other retailers like Walgreens and CVS also announcing significant store closures [6][7].