Big Lots will close 35 to 40 stores this year as the company struggles with a tough consumer market.In a filing to the U.S. Securities and Exchange Commission, the discount retailer said it planned to close 35 to 40 stores this year and open three. The company reported 1,392 operating stores at the start of 2024, down from 1,425 in the first quarter of 2023.“In 2024, the U.S. economy has continued to face macroeconomic challenges including elevated inflation, which has adversely impacted the buying power of our customers,” the filing from Big Lots said.Here’s what to know about the Big Lots closures and how Arizona might be affected.Why is Big Lots closing?A logo of Big Lots is seen outside a store in Niles, lllinois, U.S. May 23, 2016.The retailer, like many others, has grappled with declining sales amid rising prices and a downturn in consumer spending. According to the financial disclosure, sales dropped 10.2% between the first quarters of 2023 and 2024, equating to a loss of about $114.5 million.The company also took on an additional $72.2 million, …
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