Big Lots To Shut Down Dozens Of Stores Nationwide

(RTTNews) - Discount retail chain Big Lots (BIG) has recently announced closure of several stores across the U.S.

In a U.S. Securities and Exchange Commission filing, the company has earlier cited inflation and heavy competition as the reason behind its decision to close around 35 to 40 stores this year.

"While we made substantial progress on improving our business operations in Q1, we missed our sales goals due largely to a continued pullback in consumer spending by our core customers, particularly in high ticket discretionary items," President and CEO Bruce Thorn said in June.

During the first-quarter, the company has reported a decline of 10.2 percent in sales compared to last year.

Big Lots is yet to release a list of stores that will be closed this year.

However, many stores have included the banners reading "closing this location" on their websites.